Buying your first home is exciting, but let’s be honest, the mortgage process can feel overwhelming if you’re not sure what to expect. From pre-approval to closing day, there are a lot of moving parts. The good news? With the right lender (and the right guidance), the process can be smoother than you think.
Whether you’re just starting to explore or ready to make an offer, here’s a step-by-step guide to what you can expect when getting your first mortgage.
Get Pre-Approved
This is where it all begins. A pre-approval is a lender’s estimate of how much you can afford to borrow, based on your credit, income, and debt. It gives you a clear price range and makes your offer stronger when you find a home you love.
Pro Tip: Pre-approval is different from pre-qualification. Pre-approval involves documentation and a credit check, while pre-qualification is a rough estimate based on self-reported info.
Gather Your Documents
Lenders will need a snapshot of your financial life. You’ll typically need:
- W-2s or 1099s from the last two years
- Recent pay stubs
- Bank statements
- Tax returns
- A list of debts and monthly expenses
Being organized upfront can make the process move much faster.
Find a Home and Make an Offer
Once you're pre-approved, it’s time to go house hunting! When you find “the one,” your real estate agent will help you submit an offer. If it’s accepted—congrats, you're under contract!
What Type of Loan Are You Looking For?
Mortgage Application & Processing
Even if you’re pre-approved, you still need to submit a formal mortgage application for the specific property. The lender will verify your information, order an appraisal, and begin underwriting.
Home Appraisal & Inspection
- Appraisal: Confirms the home’s value aligns with the loan amount.
- Inspection: Identifies any potential issues with the property. While inspections aren’t always required, they’re highly recommended.
Final Loan Approval (Underwriting)
The underwriting team will review all your documents, the appraisal report, and other risk factors. If everything checks out, you’ll get a “clear to close,” which means you’re good to go!
Closing Day
This is where it all becomes real. You’ll sign the final paperwork, pay your down payment and closing costs, and receive the keys to your new home.
Welcome to homeownership!
Final Thoughts
The mortgage process may seem complex, but when you break it down step by step and have the right team by your side it’s completely manageable. The key is to start with a solid pre-approval, stay organized, and ask questions when you’re unsure.
Schedule a consultation to speak with a loan officer or start the process online today.
