Date AuthorEric ZhouCategory Mortgage Sense Share:

What to Expect in the Mortgage Process

Get Pre-Approved

The first thing you'll want to do in the mortgage process is either get pre-qualified or pre-approved for a mortgage. This means that a lender will review your financial information and determine how much money they are willing to lend you.

While this is not a guarantee on their part, it does give you a really good idea of what you can afford. And if you're serious about buying a home, you can skip the pre-qualification step and head straight to getting pre-approved.

Confused about the difference between pre-qualified and pre-approved? Check out this article.

Once you have been pre-approved, you can start looking for a home with confidence. This is where the fun begins!

Once you find a home that you like, your real estate agent will help you submit an offer. When your offer has been accepted by the seller, the next step is to submit your loan application.

From here, your real estate agent can help you schedule the home inspection. This is important because it will identify any issues with the home and allow you to consider them before proceeding.

Check the Loan Estimate

Next, you'll want to check the loan estimate. A loan estimate is an easy-to-read breakdown of your home loan costs and fees, including closing costs.

Get the Home Appraised

You'll want to find out how much the home is worth from a third-party appraiser. This evaluates whether the price of the home is appropriate given its condition, specific features, and location.

Don't worry, this is something that your loan officer can help you with.

Get Your Homeowner's Insurance Ready

Start researching homeowner's insurance to find the best coverage for your home and everything in it.

Not only is home insurance often required by many lenders, but it's also a wise move. It's there to protect you financially in case of unforeseen circumstances like a house fire.

Read the Fine Print

Here you'll want to read the closing disclosure (CD), which your lender will provide for your final review before closing. You’ll have several days to review, but make sure you understand all the numbers and ask questions if you don’t.

Closing Day

This is where you’ll sign all the documents, pay your closing costs, and you officially become the owner of your new home. Congratulations!

From here, your new house will be recorded by the title office, officially transferring ownership of your new home typically in the form of a deed.

It's Move-in Day!

Somebody pop the champagne and cue the confetti! It's time to get the keys to your new castle and move in.

While it takes time to make a house a home, take in everything that you just accomplished and celebrate—you're a homeowner now!