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Real Estate Professional Roles

List of Real Estate Roles

Mortgage Specialist

This finance professional prequalifies you for the mortgage. He/she reviews your income and ability to afford a home, credit history, and the subject property to insure the loan meets current guidelines. He/she can discuss the financial advantages of home ownership vs renting. May be helpful in helping you create a budget, discuss down payment options, reviewing mortgage guidelines and programs if you ask. Be sure to check for an NMLS certification indicating that the individual has been reviewed by the State of MN for licensing.

Title Agent

Insures ownership of the property is legally transferred and without defect. This person reviews any liens that may be on the property, delivers documents to the county to record ownership and the mortgage (if applicable) and administers the closing of the purchase and mortgage.

Realtor

A Realtor helps you in locating and negotiating the purchase of your new home. He/she is essential in not only locating the right home for you, but creating strategies in the offer process, getting the most for your money, and coordinating the transaction on your behalf. It is important to work with a Realtor that comes with a recommendation and is reputable.

Property Insurance Agent

The Insurance Agent provides protection of your home and belongings for your family. The Agent will review the property appraisal, discuss with you the personal belongings that need to be insured and comprise a policy that covers you where you need it. A great Agent will review the entire policy with you, let you know what is not covered and will provide options for additional insurance. Property insurance is not only required when you have a mortgage, but is essential for the security of your home and your financial stability.

Appraiser

A property appraiser determines the value of the property for lending purposes and helps to insure that you are paying a fair price. The appraised value represents the local market by reviewing similar properties that have sold recently. The appraisal process today is an anonymous one, meaning the appraiser is independent and has no influence from the Realtor or Mortgage Specialist, insuring that you are getting a truly independent estimate of market value.

Inspector

It is a great idea to have the home inspected within the allowed time on the purchase agreement, typically 10 days from the date on the agreement. An inspection determines the condition of the plumbing, heating, cooling and electrical systems and the structural integrity of the property. They are licensed and trained to look for defects and point them out to you, the buyer, to insure that the property you are buying is of good condition.

County Assessor

Bloomington is in Hennepin County, who is responsible for administering property taxes. In order to reduce the tax on your home, you will need to homestead your property with the Assessor. You can do this, along with access other valuable services, at the Bloomington Assessors Office at 1800 W. Old Shakopee Road.

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How to Fix Your Credit

  1. Identify what the negative items are that reporting in your credit file. You can review all of your credit information here:www.annualcreditreport.com. AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. It is a free service as long as you do not request your credit score. The individual credit scores usually cost around $7 each. The catch ‚ only one review per year is free. Once you know what the negative items are, you can begin correcting them. Review everything in detail, and if something is reporting inaccurately, request a dispute right on this web page. If you have outstanding collections/judgments/past due accounts, be sure to get them paid as soon as possible.
  2. Create some positive trade lines on your credit. A trade line is an account that reports to the credit bureaus. Typically, a utility bill or cell phone account is not considered a trade line, but an auto loan, student loan and credit cards are considered trade lines. Make sure that you have some positive trade lines of varying types reporting on your credit. If not, open one or two. A great way to get a loan or credit card when your credit is lacking or in rough shape is via a secured loan or secured credit card. US Bank has a great program for this, go and see my banker Emily Ervin in the Bloomington branch.
  3. Save documentation! If you pay something in full, get a paid in full letter from the creditor. Start a file on all the receipts you receive, as well as payments that you make.
  4. Follow up. If you review all three credit bureaus at one time, you cannot review them again for 12 months. Instead, review one report of the three, one at a time. I will review my report every 4 months by only reviewing Transunion, Experian and Equifax one at a time.
  5. Check with a professional. Credit experts and mortgage lenders can help you review your official report. If you can correct some things on your own, do that first before contacting a lender or credit expert. A great credit repair company here locally is ACS Credit, and you can reach Tim at (952) 746-3322 or tim@acscreditrepair.com.

Lenders usually take a positive view of individuals with a range of credit accounts – car loan, credit cards, mortgage, etc. – that have a record of timely payments. However, a high debt to credit ratio on certain types of revolving (credit card) accounts and installment loans will typically have a negative impact.

www.experian.com
www.transunion.com
www.equifax.com