The Home Buying Process

Buying a home is one of the most exciting—and complex—transactions of your life. While there are some individuals who will have a different process due to individual circumstances, the typical home buying process includes about 10 steps:

1. Submit a loan application to a lender with any documentation need to obtain a pre-qualification
2. Select a real estate agent, find a home, and negotiate the purchase price with the help of your agent
3. When your offer is accepted, the contract is then sent to the lender, who updates the application and requests updated documentation, if applicable
4. Home inspection is scheduled and completed
5. Loan officer submits the file to processing at which time the appraisal, title, and tax certification are ordered and borrower provides insurance information
6. Final loan approval: File is submitted for Underwriting which may require additional documentation from the borrower to be resubmitted to Underwriting
7. Closing documents sent to the title company
8. HUD 1 Settlement Statement is given to borrower, required closing costs are established
9. It’s time to close! Borrower brings a photo ID, signed closing documents and closing costs in the form of a cashier’s check or wired funds to the title company
10. Funding – congratulations, you’re a homeowner!