The Main Players

Whether you're buying a home for the first time or refinancing a loan for the third time, it's important to know who the main players are and what roles in the transaction they play.

Here are some initial introductions:

Borrower: A person who has been approved to receive a loan and is then obligated to repay it, plus any additional fees according to the loan terms.

Selling Agent: The real estate agent obtaining the buyer rather than listing the property. The listing and selling agent may be the same person or company.

Listing Agent: A real estate agent who represents the seller or buyer and works to find a listing.

Mortgage Broker: Any person, who for compensation or gain, or in the expectation of compensation or gain: (a) makes a residential mortgage loan or assists a person in obtaining or applying to obtain a residential mortgage loan, or (b) holds himself or herself out as being able to make a residential mortgage loan or assist a person in obtaining or applying to obtain a residential mortgage loan.

Lender: (a Bank, Credit Union, or Mortgage Bank): Any person or entity loaning funds which are to be repaid.

Title Company/Title Insurance Company: A company which issues insurance regarding title to real property.

Appraiser: A qualified individual who uses his or her experience and knowledge to determine the value of a home and prepare the appraisal estimate.

Inspector: A designated agent who inspects and documents the physical condition of the property as described and verified in an inspection certificate.

Escrow Agent/Agency: The person or organization having a fiduciary responsibility to both the buyer and seller to see that the terms of the purchase/sale (or loan) are carried out. Often referred to as "closing" the loan, title companies, attorneys and even the lender may serve in this role.