Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
Module 3
Preparing for Home Ownership
Ready for Home Ownership?
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Who Does What?

The Different People You'll MeetYou will interact with many different people as you start the home-buying process. The following guide will help you learn who does what in the different stages of the process.
Who What
Non-profit housing organization Offers classes in homebuyer education
Non-profit housing counselor Works with you to help solve credit issues and to determine what price range you can afford
Lender home loan consultant Will pre-qualify/pre-approve you to see how much you can borrow to help determine the price of home you can afford; will describe various loan products and suggest product(s) suitable for your needs; takes your formal loan application
Real estate agent or broker
(an agent works under the supervision of a broker)		 Provides information on houses for sale; shows you different properties; prepares an offer to purchase for you
Non-profit credit counseling organization Provides one-on-one assistance for those with credit problems; available in most cities
Real estate attorney Assists if you have a legal problem; can create/review contract offer for you

Good Questions to Ask

Understanding the Role of Each ProfessionalTo help understand the roles of any of the professionals listed above, ask the following questions during your first conversation:
  • Who would you represent in this transaction – me, or someone else?

  • Is there a charge for your service? If so, how much and when would I pay?

  • How much time will we spend together?

  • What exactly will we do when we meet?

Other Professionals Who Will Be Involved in the ProcessOnce a seller has accepted your offer to purchase and you have made a formal loan application, there will be many other professionals involved in the process. They are described in more detail in Steps for Buying a Home.

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  Equal Housing Lender. © 2008 Countrywide Bank, FSB. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.