Brief walkthrough of the loan and home buying process:
First you need to find a suitable lender for you new home loan. Your real estate agent can suggest a few places. Next they will pre-qualify you. This is a very important step, it helps you find a budget that you can afford and a payment that you are happy with. By being pre-qualified, you will be able to look at homes in your price range and the purchase contt requires a pre-qualificationform be attached (not to mention a seller wouldn't look at the offer)..
After you are pre-qualified, now it is time to find your new home. Your realtor will show you all the properties that fit your needs in your price range. Once you find the home you are looking for, your realtor will draft a purchase contract for you. Your realtor will then submit and negotiate your contract. Upon successful negotiation, your realtor will open escrow. Next you must do all of the inspections to make sure this is the house for you. Your realtor will help you through this process and discuss it in more detail. In the mean time the loan officer is preparing the documents and ordering an appraisal. The escrow officer is preparing the title paperwork and researching the title.
Next, the loan officer gives their underwriter the paperwork. Once the underwriter then gives final approval, closing disclosures go out and 3 days go by, you will arive at title to sign loan documents. After all conditions are met, congratulations it time to close!
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