How to get a loan

What else happens along the way?

 Here’s an overview of the key steps, from application to closing, so you know what to expect along the way.
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Title Work

After your mortgage application is approved, the next step is title work. This process ensures that the property’s ownership is clear of any liens or legal issues. It’s an important step to protect both you and the lender by confirming that the seller has the legal right to transfer ownership of the home.

Appraisal

At the same time, an appraisal will be ordered to determine the market value of the home. The appraisal helps confirm that the home’s value aligns with the purchase price and supports the loan amount. It’s a crucial part of the mortgage process to ensure you’re paying a fair price.

Escrow

During the mortgage process, an escrow account may be set up to hold funds for property taxes, homeowners insurance, and other related costs. Each month, a portion of your mortgage payment goes into this account, ensuring that these expenses are paid on time. This helps manage your costs and makes budgeting easier.

Closing

Closing is the final step in the mortgage process. At closing, you’ll sign all the necessary paperwork to finalize the loan and officially become the homeowner. The closing process also involves paying any remaining closing costs, and funds from your mortgage will be transferred to the seller. Once completed, the keys are yours!