We know that purchasing a home can seem complicated, but we believe that obtaining a mortgage shouldn’t be. A smooth loan process starts by working with a knowledgeable Mortgage Loan Originator who can prepare you for a successful close.


Check out this video to understand the basics of home loan financing. 

Here are the critical steps of the home loan process:


1. Get pre-approved.

It is tempting to look for a home before you start your loan. But a little bit of patience upfront will save you time — and potential heartache — because getting your mortgage pre-approval and lets you know precisely how much you can afford.

2. Put in your offer.

After finding a home and putting in a sales contract, your Mortgage Loan Originator will finalize your loan application. You may need to submit additional documents required for your loan.

3. Get the home appraised.

The property appraisal — determining the home’s value — is ordered.

4. Shop for homeowners insurance.

The loan is submitted to the Underwriter while you shop for home insurance.

 5. Final conditions met.

The Underwriter conditionally approves the loan, and the Closing Disclosures are sent to the borrower.

6. Approval to close.

Your loan is approved, and the closing documents are ready for signing!

7. Congratulations!

You are now a homeowner!



Your Monthly Mortgage Payment


Your monthly mortgage payments are comprised primarily of your PITI – your principal, interest, property taxes and insurance.

  • Principal: The amount borrowed or unpaid. Paying the principal reduces the remaining balance of a mortgage.
  • Interest: The fee charged for borrowing money.
  • Property Taxes: A tax based on the value of the house where the property is located. These taxes fund things like schools, roads and other local services.
  • Insurance: The monthly cost of your homeowner’s insurance.
Your Monthly Mortgage Payment

Want more info? Check out our resource on First-Time Homebuying.