The Mortgage Process Explained From Start to Finish

By Shelby Campbell

With over two and a half decades of unwavering commitment to the mortgage industry, I am your seasoned Mortgage Loan Officer dedicated to helping individuals and families achieve their homeownership dreams.

Are you thinking about buying a home in the near future? Unless you’re flush with cash, you’ll probably need to secure financing to get into your dream house. If you’ve never gotten a mortgage before, the process can be a little confusing. Don’t worry; that’s why I’m here to break down each step of the mortgage process so you can start your home search:

1. Get pre-qualified. This should be the first step you take so you know what your budget is upfront. Reach out to a lender, either over the phone or in person, and they’ll do a soft credit check to see what you’re qualified for. Fortunately, this soft check won’t impact your credit score, so it might be worth doing this even if you’re only considering purchasing a home. No documentation is needed at this stage, and no commitment is necessary. However, only being pre-qualified might hurt your chances on the open market since your loan isn’t set in stone.

2. Get pre-approved. This is the next step up from pre-qualification. If you decide you’re committed to going through with a home purchase, reach out to your lender and provide them with the necessary information they need to get you approved for a loan. Your lender will verify your identity, income, savings, and more. Essentially, this is you putting your money where your mouth is.

3. Get under contract and close. Once you’re pre-approved, it’s time to hit the open market and find a home that fits your budget and needs. After finding the property that works for you, there’s only one step left: Closing. Your lender will submit your loan to underwriting, where title inspection, appraisal, tax insurance, and other finishing touches will take place. Once everything is set and you sign on the dotted line, the home is yours!

Going through the mortgage process is basically like a conveyor belt. After finishing one step, a good lender will move you right along to the next one. As always, call or email me with any questions about this topic. I look forward to hearing from you!