Buying or selling a home is often the largest financial transaction a person makes, so it should come as no surprise that there is an industry of experts dedicated to helping buyers and sellers navigate this large undertaking.
In the process, one might encounter a variety of professionals beginning with a real estate agent. An agent, also known as a Realtor (if a member of the National Association of Realtors), is a licensed sales person who helps facilitate the home buying and selling process. A broker or lender is an individual tasked with securing loans and acting as a liaison between the borrower and the bank. Along the way, buyers and sellers will come across appraisers, closing agents, processors, underwriters, inspectors and examiners among others.
While it may sound overwhelming, the army of people working on a single real estate transaction are largely there to ensure the smoothest possible experience.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.