While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.
From start to finish, you will follow a seven-step, easy-to-understand process to securing the financing for your home. Seven steps to financing a home:
1. Choose a mortgage broker.
2. Get Pre-Qualified.
3. Complete a loan application and get Pre-Approved.
4. Determine what you want to pay and select a loan option.
5. Submit to the lender an accepted purchase contract.
6. Obtain Loan Approval.
7. Obtain funding at closing.