If you’re planning to buy a home, the mortgage process may feel overwhelming at first. But once you understand the steps, it becomes much more manageable. Here’s a clear breakdown of the mortgage process from start to finish.
Step 1: Get Pre-Approved
Before you start house hunting, get pre-approved. This shows sellers you’re serious and gives you a clear idea of how much you can afford.
Step 2: Find Your Home
Work with your real estate agent to search for homes that fit your budget and lifestyle. Once you’ve found “the one,” it’s time to make an offer.
Step 3: Apply for Your Mortgage
After your offer is accepted, you’ll complete a formal mortgage application. Be prepared to provide documents like pay stubs, tax returns, and bank statements.
Step 4: Processing and Underwriting
Your lender will review your financial documents and verify your information. The underwriter’s job is to make sure you meet the loan requirements and can afford the mortgage.