Keeping your employment steady – at least in the same field – for at least two years prior to getting a mortgage loan indicates stability. Avoid making any large credit purchases before applying for a mortgage, since the debt load that you take on can seriously impact your loan amount.

Gather your financial paperwork. Lenders will need information about all of your assets, including cash, investment accounts, and property you own. Compiling this information beforehand will make the lending process much more efficient. When that is done, you are ready for loan pre-qualification through your financial institution.

When you are ready to make an offer on a home, your realtor can help you negotiate the price, arrange for an inspection, and sign the contract. You will fill out a loan application, provide the financial documentation you’ve compiled, and pay any applicable fees.

You will then receive a Good Faith Estimate and a Truth in Lending Statement from the processor, who will verify the application information and order a credit report and appraisal (which could impact the offer). The underwriter will either approve or reject the loan application. If the loan is approved, you will receive a commitment letter from the underwriter.

Upon approval, the processor turns the file over to a pre-closer who ensures the appropriate mortgage insurance is approved. The pre-closer or closer arranges for a survey and mortgage title policy, and prepares documents for the closing.

You make a final inspection of the home within 24 hours of the scheduled closing. Then you, the seller, the lender’s representative, and the closing agent attend the closing or settlement.

The process is complete – and the keys are yours. Welcome home.