The Homebuying Process

7 easy steps
step 1
Application
timing:

Timing is everything, especially when you’re transitioning from renting to owning. If you’re still on the fence, try our affordability calculator. You can also try our Rent vs. Buy calculator to compare whether it makes sense to buy now or continue renting. Also, keep in mind property taxes, insurance, costs of rents in your prospective neighborhood, and intangible benefits like space and the freedom to renovate.

step 2
Submitting
Documentation
Pre-Approval:

Pre-Approval letters are your golden tickets to accessing sellers and real estate agents. A Mortgage Pre-Approval is a preliminary statement that affirms according to your credit history, income and down payment reserves, you will be able to obtain a loan up to a specific amount. It also affirms that an underwriting department has reviewed and verified your scenario.

Get A Rate makes it easy for you to get pre approved in 90 minutes or less. Apply for our Underwritten Buyer Pre-Approval to verify your approval eligibility. Trust us—it’ll reduce the amount of paperwork you’ll have to fill out later. Oh, and it also gives you an idea of the payments you’ll be able to afford when you’re shopping for your dream home.

APPROVAL CHECKLIST:
Identification
Most Recent
Drivers License
Social Security Card
Income Docs
Most Recent
2 Paystubs
2 Years of W2’s
Proof of Funds
Most Recent
2 Bank Statements

A Mortgage Pre-Approval is not a commitment to lend and additional documentation may be required.

step 3
Upfront Underwriting /
Pre-Approval
Finding your home

Once you find your dream home, your advisor will help prepare your mortgage application. As soon as you decide on an offer price, your real estate agent can best represent your offer to the seller.

step 4
Order Appraisal
Congratulations! Your Offer is Accepted

Now, you’ll draw a contract based on the agreed upon purchase price, closing date, and contingencies. Then, contact your mortgage lender to submit your application. Your mortgage lender will prepare disclosures for your review based on property address, purchase price, selected term and program, rates, and more.

step 5
Approved with
Conditions
Order A Home Inspection

A home inspection is a small (but worth it) investment in making sure that you’re not purchasing a home that’ll cost you a lot in repairs down the road. The home inspector will determine if there’s anything that’s structurally or mechanically faulty with your dream home.

step 6
Final Underwriting
Finalize Your Mortgage Application

In the home buying puzzle, this is one of the most important pieces. Thankfully, with Get A Rate, it’s quick, simple and painless. You’re working with experienced Home Loan Advisors. We’re here to help empower you to make the right decision when buying a home, selecting a loan amount, program and much more. Once you’ve selected a program, we can order the home appraisal. Your advisor will work with you from here to provide you, your real estate agent, and your attorney any updates.

step 7
Closing
Final Mortgage Approval

You’re almost done. Once your loan conditions, appraisal and inspection reports are complete, the lender will issue the mortgage commitment. Basically, it’s the lender’s promise to lend you the money for your new home. Once the mortgage commitment is issued, you’re fully approved for the mortgage and ready to close on the home.