With all the new mortgage rules and regulations that have been put in place since 2009, no wonder many homes buyers are frustrated and confused on what to do to qualify for a mortgage. The internet and news does not help.

When you are planning on purchasing a home you will hear so many professional titles that are being thrown around that it will make your head spin. Every one of the professionals is needed during the home buying process and every one of them has a necessary role to play.

You as the buyer is looking for a mortgage. You are the conductor of this giant orchestra of professionals, and the more questions you ask and the more you can do your part, the more harmonious the players will be able to play.

You as the buyer need to be prepared to bring between 3 % and 20% of the purchase price as a down payment. You also should start collecting documents that will verify your income, credit history and assets. You also need to show a stable outcome and a good credit history such as your current w-2, 2 to 3 years of tax returns, and current consecutive bank statements.

One of the first players you will meet is the loan originator. There will be many times this player can pay off, especially when it comes to dealing with your documents like when you have documents missing. The loan originator is the one who should give you, right at the beginning, a document that is called the Truth-in-Lending (TIL) Disclosure. It lists the total costs of your mortgage, such as how much you pay over the full term of the loan, what your mortgage payment will be initially, and the maximum payment for your loan. When anything changes they are required to give you a corrected Truth-in-Lending (TIL) Disclosure.

One of the players in your orchestra will be the mortgage underwriter. This is the person that you as the buyer need to collect all the documents for. The underwriter needs to be able to prove, with your help, that you can afford to purchase the property. Many times you will never speak with the underwriter. The loan originator is the go between you and the underwriter and that is the person you rely on for the messages that will go back and forth when there are questions.

A very important player and one of the soloists in your orchestra will be the home inspector. You can find a licensed and certified homes inspector at The American Society of Home Inspectors (ASHI). You are the one who needs to add this soloist to your orchestra. You will learn as much as you can about the condition of the property from your home inspector and after the home inspection, you should have a clearer understanding of the property you are about to purchase. You will be able to make a more confident buying decision.

Another important player in your orchestra, but you never will meet with this person, will be the appraiser. This player will be an impartial independent third party hired for the lender to verify that the house you are buying is worth as much as you are paying for the property. The lender never will loan you more money than what the appraiser appraises the house for. When the house appraises for less then you are willing to pay for there are several options available to you as a buyer.

1. Bring the difference in cash to the closing table.

2. Renegotiate the purchase price with the seller

3. Walk away from the deal

Another professional you will meet and hear about is the Title representative, or title company. They are a very important part of your orchestra and many times they are the soloists of the transaction.

When an offer has been accepted and you and your agent decided on a title company to work with, they will immediately go to work for you. They will translate your mortgage paperwork and purchase agreement into the Closing documents you should receive 48 hours prior to closing. Many of the Title companies will send you that information much sooner, so when you have questions there is time to ask. The other thing they do for you is a title search on the property to make sure that there are no ugly things hiding in the background that could affect the closing and later, your personal enjoyment of the property. One example would be a relative of the seller that has a judgment out again the seller.

Other important paperwork you as the buyer need to know about are the HUD-1 Settlement Statement (PDF) Promissory note (PDF) The Initial Escrow Statement (PDF) A security instrument or Deed of Trust (PDF)