Homebuying Process
October 16, 2023 2023-10-16 13:10Homebuying Process
The Home Buying Process in 15 steps
The home buying process can be confusing, but this outline can help simplify things
While there are some individuals who will have a different process due to individual circumstances, the typical home-buying process includes about 15 steps:
1. Submit the loan application to the lender with any required documentation
2. A prequalification may then be obtained from the lender
3. Select a real estate agent
4. Find a home
5. Negotiate the purchase price
6. The contract is sent to the lender, who updates the application and requests updated documentation, if applicable from the borrower.
7. Home inspection
8. The loan officer submits the file to processing at which time the appraisal, title, and tax certification are ordered and the borrower provides insurance information
9. File is submitted for Underwriting which may require additional documentation from the borrower to be resubmitted to Underwriting
10. Final loan approval
11. Closing documents sent to the title company
12. The Closing Disclosure is given to borrower
13. Required closing costs are established
14. 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
15. Funding – congratulations, you’re a homeowner!
