The Mortgage Process: Step-by-Step Guide to Buying a Home Loan

Buying a home is an exciting milestone, but understanding the mortgage process can make the journey smoother and less stressful. At KTL Performance Mortgage, we’re here to guide you every step of the way. helping you know exactly what to expect from the moment your loan is submitted until you’re handed the keys.

Below, we’ve outlined the key steps to buying a home so you can feel confident and prepared.

Infographic showing the mortgage process from KTL Performance Mortgage, detailing each stage from loan submission, conditional approval, appraisal, closing disclosure, clear to close, closing, and welcome home.
Infographic: The Mortgage Process Step-by-Step – This visual guide from KTL Performance Mortgage shows each stage of the home loan process, from submitting your loan application to closing on your new home.

Step-by-Step: The Mortgage Process

Step 1: Loan Submitted to the Lender

Once you’re under contract, your home loan is officially submitted. You’ll receive initial loan disclosures from your processor and lender, which should be reviewed and signed promptly, usually within 24 hours. This is also a great time to begin shopping for homeowners insurance.

Step 2: Conditional Approval in the Mortgage Process

After the underwriter reviews your application, they may issue a conditional approval. This means certain conditions must be met (e.g., additional documents or clarifications). Responding quickly keeps the mortgage approval process moving.

Step 3: Appraisal – Determining Your Home’s Value

Your processor will order the appraisal to confirm the property’s market value supports the loan amount. Some buyers choose to order the appraisal immediately to save time; others wait until conditional approval is issued and/or they receive the results of their home inspection.

Step 4: Closing Disclosure – Reviewing Your Loan Details

Once appraisal, title work, and insurance are complete, and all conditions are satisfied, the underwriter issues a Closing Disclosure (CD) with preliminary figures. Acknowledge it promptly; there’s a mandatory three-day waiting period before closing can occur.

Step 5: Clear to Close – Final Mortgage Approval

Clear to Close is the green light. The underwriter has approved your file, and your closing can be scheduled. You’ll receive final figures and coordinate with your closing team for the big day.

Step 6: Closing on Your New Home

You’ll meet to sign the legal documents transferring ownership. Once everything is signed and funds are disbursed, the home is officially yours.

Step 7: Welcome Home!

Congratulations, you’ve made it through the home loan process! At KTL Performance Mortgage, we love helping clients reach this moment and start the next chapter in their new home.

Ready to start your mortgage journey? Contact our team for expert guidance and personalized service every step of the way.

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