Understanding your financing before you shop puts you in a far stronger position when you find the right home. These six steps walk through the process from getting started to funding.
- 01Getting StartedStart your home loan the right way: gather a green file of financial documents, check your credit score, and plan your savings and down payment.
- 02Shop for a loanHow to find a mortgage lender and compare them on rates, fees, loan programs and service, plus choosing the right kind of home loan.
- 03Know the numbersUnderstand the costs of a mortgage: credit report and application fees, APR, interest rate indexes, points and the other numbers lenders quote.
- 04Get pre-approvedPre-qualified vs. pre-approved: why a lender's pre-approval letter makes your offer stronger in a competitive market and speeds up funding.
- 05Applications & ProcessingWhat happens after you apply for a mortgage: who the broker and lender are, the application, the documents you'll need, and underwriting.
- 06FundingFunding your home loan: signing the final documents, wiring funds safely, and confirming your loan has closed and the money arrived.