Follow these 10 steps to be on your way to owning your home:

1. Loan pre-qualification: This lets you know how much home is within your reach.
2. Home search: once pre-qualified, start shopping with your agent!
3. Formal loan application: once you have found your home and the seller accepts the offer, get the formal loan application completed and lock in a rate.
4. Appraisal and home inspection: whether buying new or used, an appraisal (both) and home inspection (typically used only) will be performed to ensure the home asset checks out and the lender can justify the loan amount.
5. Processor’s and underwriter’s review: this is the final review of the loan before being sent to the underwriter who will give final approval.
6. Final loan approval: At this stage, any last financial conditions or property conditions must be resolved before closing.
7. Closing: This is where you sign all documents between you and the seller.
8. Funding: wire transfer or check is processed in the amount of the loan to the title company.
9. Close of escrow: You’re almost there! Title documents documenting the transfer of the property are recorded with the county.
10. Confirmation of recording: Title company confirms transfer is recorded by the county, and the escrow company then releases the funds to the seller. You’ve just bought a house!