Knowledge Center
Loan Process
Getting a home loan comes down to five steps. Here is what happens in each one, with links to the guides that go deeper.
Step 1: Find Out How Much You Can Borrow
A pre-approval looks at your credit score, payment history and how much debt you have versus your income, and confirms how much you can borrow. It sets your budget and shows sellers you are ready to buy.
Step 2: Select the Right Loan Program
Conventional, FHA, VA and USDA loans each have their own rules for credit, down payment and mortgage insurance. Your loan officer walks you through the options and helps you choose the one that fits your situation.
Step 3: Apply for a Loan
When you are ready, apply online or call the office and a loan officer will help you get started.
Step 4: Begin Loan Processing
During processing the lender orders an appraisal to confirm the home’s market value supports the loan amount. You can help the appraiser by sharing what you know about the property.
Step 5: Close Your Loan
At closing you pay your down payment and closing costs and sign your loan documents. On some loans, mortgage insurance or a funding fee is part of what is paid at closing.
Questions about your own loan?
Every file is different. A short conversation with a loan officer usually settles it.