A loan officer works at a bank and is limited to finding you one of their own mortgage products.You can also check rates on the Internet and use an online mortgage calculator to determine your monthly payment.The mortgage broker or bank loan officer will pre-qualify you for a mortgage so you know how much you home can afford. They will give you pre-qualification letter to give to the seller when you make your offer so the seller knows you are qualified to purchase their home.The Realtor will also want a copy of the letter so they can find you a home that meets your budget and criteria.You can also start the loan process by submitting your financial information such as your W-2's or 1099's, your tax return and recent banks statements. Once you have a negotiated contract, the lender will require that you pay for a home appraisal upfront to make sure the home appraises so the lender knows they will be able to get their money back if you default on your mortgage.However, home prices fluxuate up and down depending on market conditions so the appraisal is only valid based upon current market market conditions.

Finding a Realtor You can find a Realtor several different ways including referral from a friend or family member, on the Internet, the newspaper or by visiting an open house. When choosing a Realtor,it is always best to work with an agent who is an expert in the neighborhood where you want to buy. Using a buyer's agent is a good idea because they are looking out for your best interests and not the seller's interests. The listing agent represents the seller. You should choose a Realtor you trust and like whether they are the listing agent or a buyer's agent. Once you find the right property,your Realtor will help you determine the price to offer and assist you with writing and presenting your offer to the seller or the seller's agent. The seller may not accept the offer right away. They may decide to counter some of the terms and/or the price.If you and the seller come to an agreement, then escrow will be opened and you can give your lender the contract so they can process your loan in time to close the transaction. You will receive an itemized closing statement to review prior to closing from the closing agent. The closing agent will go over the statement with you and let you know the balance of the closing funds a day or two before closing so you can make arrangements to wire the funds or bring a cashier's check to the closing agent.Your Realtor will coordinate with the closing agent, the lender and the listing agent to make sure everything goes smoothly and you get the keys to your new home.  

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