First-time homebuyer topics

Meet the homebuying professionals.

One nice thing about the homebuying process? You don’t have to do it alone. First of all, you’re going to want a mortgage loan officer – unless you’re planning to pay cash. And when you’re ready to start seeing homes, you may want a real estate agent, too. Both of these people might even end up on your speed-dial.

What does a mortgage loan officer do?

A mortgage loan officer (MLO) is someone who’s licensed to originate financing for residential homes. But you can think of your U.S. Bank MLO as your friendly guide through the mortgage process.


A U.S. Bank MLO can help you:

Understand and choose the best mortgage for your situation.

Learn about things like rates, down-payment assistance programs, mortgage points and other homebuying and financial considerations.

Work through prequalification, offer letters and your loan application.

Tackle any other paperwork that might be required for a mortgage.

Find a real estate agent you feel comfortable with.

While you don’t have to have an agent (or a realtor or a broker), they can make your home-search easier. And since agents get paid when you purchase a home, you’ll want to work with someone who will keep your best interests in mind.

A real estate agent can help you:

  • Arrange visits for the homes you’re interested in and find additional homes that fit your criteria and budget.
  • Understand the real estate market and information about neighborhoods, school districts and other nearby amenities.
  • Make an offer, negotiate price and handle other paperwork.
  • Line up other professionals like home inspectors or contractors.

What are your home must-haves?

As you’re pulling your team together, think about what kind of home you want. Here are some questions to consider:

  • Do you have a location in mind?
  • How much of a yard, if any, would you like?
  • Do you want a home that’s move-in ready or are you okay with a place that needs some work?
  • Are you okay with sharing walls or would you prefer a single-family space?

Don’t worry if you aren’t sure exactly what you want. Changing your mind is normal and being flexible is helpful in homebuying. Still, your answers to these questions will help you and your homebuying pros find your new home.

Get closer to your new home without affecting your credit score.

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Additional team players

These trained professionals are available to give you advice and help you make informed decisions about homebuying. They can help you build and maintain your credit, give budget advice, understand your different loan options, and give you guidance on down payment assistance and other grant programs. Some loans and programs may require you to work with a housing counselor.

An appraiser assesses the property you want to buy and determines its value. They do this by visiting the property and looking at other home values in the area. Your lender usually hires an appraiser, but you will probably be responsible for paying for the appraisal.

A home inspection isn’t always required, but it can provide you peace of mind before you make the purchase. The inspector will gauge the condition of the property, inside and out, to let you know if it’s in good shape or if there are major concerns. Some inspectors are better than others, so try to get a recommendation through friends or family, professional associations or your real estate agent.

If you’re taking out a mortgage, you’ll likely need home insurance before your lender will let you close on the home. You don’t have to go through an agent, but you may find their guidance helpful on pricing, coverage and possible deals. If you have an insurance agent you already work with, see what they have to offer. But definitely shop around!  

An escrow officer makes sure that any real estate transactions between you, the sellers and the real estate agents are done correctly. A title officer reviews the title report of the home you want to buy, to make sure there aren’t any liens or debts tied to it. You have the option to line up an escrow company and title company yourself. Don't know where to start? You can ask your real estate agent or seller's agent for recommendations of who they already work with.

Real estate lawyers and attorneys are licensed to practice real estate law and can advise individuals on both sides of a real estate transaction. They prepare and review documents and contracts around the sale of a home and may help with negotiations. In some states having a real estate lawyer is required.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.