So, you want to buy a home.

That’s great news! As you prepare to take that first step, you may be wondering just how many steps there really are before you can open the door to your dream home. Well, wonder no more: LMCU’s mortgage experts are here to break down the homebuying process into easy, actionable steps — so you can feel overjoyed about buying a home, instead of overwhelmed.

Your pathway to homeownership:

Consultation

The first step is to meet with a loan officer near you. Your local mortgage expert can help define your goals, discuss your options, and get you pre-approved. Once you’re pre-approved, you’ll have a better idea of what types of homes you can afford. This will make house hunting easier — and a pre-approval will make you look more appealing to sellers.

During this initial conversation, your loan officer will ask about your homebuying needs, where you want to live, and where you’re at financially. Your loan officer will review your info, including your total assets and credit rating, to determine what size loan you can qualify for.

Hunt

Next, you’ll want to hire a realtor to help you find a home that fits your needs. A trusted realtor can help you find and tour homes, as well as be a trusted guide on your homeownership journey. LMCU’s mortgage team maintains strong partnerships with top realtors, so ask your loan officer if they have any recommendations.

Offer

Once you’ve found a home you love, it’s time to negotiate a price and sign a purchase agreement. You or your realtor will send us the signed purchase agreement, and with that in hand, your loan officer will meet with you to review your loan options — including the rate, term, type, and any specialized mortgage programs you may qualify for to help make your dream home more affordable.

Application  

Based on the mortgage you chose, your loan officer will prepare and send your loan documentation to an underwriter. You’ll need to provide income and asset statements, a purchase agreement from your realtor, and miscellaneous supporting documents. We’ll verify your employment information and schedule an appraisal.

Packaging

Our team of loan processors and underwriters will review your credit, property info, and documentation to make sure you qualify. Certain information is time sensitive and might need to be updated throughout the process. If that’s the case, we’ll contact you.

Finally, a loan closer will review your loan and prepare the closing documents to send to the title company. At this point, we’ll send you the final closing disclosure, which will state the final amount you’ll need to bring to closing.

Close

Once you’ve made it this far, the final step is easy! Just sign the legal documents at closing and enjoy homeownership. At your closing date, you’ll transfer the final required amount or bring a cashier's check, while your loan officer will bring the legal documents. Once you've signed all the dotted lines, you’ll officially be a happy homeowner!

Now that you know all the steps, are you ready to take the first one? Whether you want to get started right away or just have questions about buying a home, simply call LMCU at (844) 754-6280, apply online, or stop by your local branch.