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Like most important processes, buying a home is both detailed-oriented and highly rewarding.

Several steps must be taken in the correct order and with the right amount of attention before a borrower becomes a home owner.

If you’re thinking about buying a home in the beautiful Roseville area, take a closer look at what to expect during the home loan process.

How much home can I afford?

Before you begin shopping for your next home, it’s important to figure out how much you can afford.

A number of factors, such as your debt-to-income ratio, the amount of a down payment you plan on, and the results of your pre-qualification, will determine your loan amount

Select a loan

Whether you’re thinking about a fixed-rate mortgage or one that features an adjustable rate, it’s important to narrow down the type of loan for your purchase.

Loans come in all shapes and sizes and can be tailored to meet your goals. Understanding your budget, assets and goals will help determine what kind of loan fits your needs.

Loan application

Now that you’ve taken broad strokes at what your loan will look like, it’s time to apply. Various documents and reviews are needed at this point before you can begin the loan process.

Begin the loan process

Borrowers who have gone through the above steps reach an important juncture in their journey of beginning the loan process, a unique series of steps that follow government standards and loan approval guidelines. Here’s what you should expect during this time:

  • Income verification
  • Credit check
  • Asset evaluation
  • Property appraisal

After these steps are taken, it’s time to sign the final documents. Part of the process will require a notary public, but most of the heavy lifting is behind you. At this point of closing, all fees are expected to be paid, and any final paperwork are expected to be signed and delivered. Other documents, such as proof of homeowner’s insurance will need to be produced in order to successfully close the deal.

If you have any questions about this process, please do not hesitate to contact us.