Getting a Home Loan

If you are a first-time home buyer, the home mortgage loan process can seem overwhelming! When it’s broken down into steps it is easier to understand. Plus, you’ll have your real estate agent and your mortgage loan officer beside you every step of the way if you have questions.

Figure Out Your Budget

Determine the monthly payment you can comfortably afford. You’ll have not only the mortgage payment, but home insurance, taxes and sometimes PMI. 

Get Pre-Approved 

Before you even search, get pre-approved by your lender. This makes your search more targeted to price range, and makes you a more attractive buyer to home sellers.

Hunt for a Home

Choose a real estate agent who knows the area(s) where you are searching. Visit several homes. Make your choice and put in an offer.

Earnest Money and Inspection

Once you make an offer, you will usually submit earnest money to show the buyer you are serious, especially in a competitive situation. Once your offer is accepted, you’ll pay for a thorough home inspection.

Home Mortgage Loan Application

Back at your lender, you’ll finish all the paperwork and provide items such as pay check stubs and bank statements. Then, you’ll receive your loan estimate.

Appraisal, Processing, Underwriting

Your lender will get the home appraised. They’ll process your mortgage application and file for underwriting, do a title search, secure tax records and verify your finances. 

Closing Day!

You’ll sign a giant stack of papers at the title company. And typically you’ll get your keys on the spot.