Master mortgage basics for smarter home buying decisions

Steps to Secure a Mortgage

Securing a mortgage involves several steps, starting with assessing your financial health. It's essential to review your credit report, calculate your debt-to-income ratio, and determine how much you can afford. Pre-approval from a lender can give you a competitive edge when making an offer on a home, as it shows sellers you're a serious buyer with financing in place.

Once you've found a home and made an offer, the mortgage application process begins. This involves providing documentation of your financial history, including income, assets, and debts. The lender will conduct an appraisal to ensure the property's value aligns with the loan amount. After underwriting and approval, you'll proceed to closing, where you'll sign the final paperwork and take ownership of your new home.