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The path from considering a new home to actually signing the mortgage papers can be a tricky one, with plenty of players to meet along the way. Here’s a program listing the key players – like mortgage brokers, loan officers, real estate agents and home appraisers – that you’ll run into on your mortgage journey.

The Real Estate Agent – The first person you’ll meet on your path to a new mortgage will likely either be a real estate agent or a mortgage broker. Agents and brokers often work in tandem, with many brokers now hiring the actual sales agent. The real estate agent is the “front man” (or woman) who shows homes to potential buyers. Real estate agents must be licensed in the state they conduct business, and must know key issues that pertain to home purchases – things like financing options, zoning laws, tax statutes and the quality of local schools. Mortgage brokers usually pay real estate agents a percentage of the commission generated by the sale of the home. As a homebuyer, your prime contact in viewing potential homes is normally the real estate agent, although the mortgage broker will likely handle the financing of the deal.

The Mortgage Broker – Mortgage brokers are usually at the all-important financial side of the home purchase-and-sales deal. They can show houses to buyers, but usually hire real estate agents to handle that task. Their time is better spent tying loose ends up, like arranging for title searches, scheduling home and termite inspections, conducting credit checks, advertising homes for sale, and setting up meetings between buyers and sellers to close the deal. The mortgage broker can also help you get financing from qualified lenders to buy the home, although homebuyers are free to cut their own financial deals. That said, mortgage brokers – at least the good ones – know plenty of trade secrets and have plenty of contacts in the lending community, and can often help you get the best loan deal possible.

The Loan Officer – Sometimes loan officers and mortgage brokers are one and the same, although a lender or mortgage broker often brings in a lender to work with the homebuyer to get financing for the home purchase. Usually that means discussing the possible terms, completing loan applications, and handling credit checks if brokers don’t handle that task. Loan officers are paid by commission from the lender after the home is sold.

Banks/Lenders – Lenders hold the key to the vault. By and large, homebuyers deal with lenders on the retail side (meaning they work directly with individuals and not companies). Lenders can come from the private sector (like from a bank or credit union) or from the quasi-public sector, like Freddie Mac (Stock Quote: FRE) or Fannie Mae (Stock Quote: FNM).

Home Appraisers – Appraisers are usually independent professionals who are hired by the lender to evaluate the worth of a home for sale. Their task is to put a price tag on a residence that serves as the starting point for negotiations between a buyer and a seller.

Other role payers in the home mortgage process may include home contractors (if work needs to be done on the home), termite inspectors (to check for possible damage due to pests) and a real estate lawyer, if you decide you need any loan documents reviewed for accuracy.

Now that you know the key players, get a jump on your mortgage search by finding the best mortgage rate deals out in the marketplace. Do that by visiting BankingmyWay.com’s mortgage rate finder.

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