Here's what it takes to make your dream house a reality.
We want to make home buying easier. And we think one of the best ways to do that is to ensure you're informed and prepared. When you understand your options, how approvals work and all of the other parts of the process, you'll be well on your way to a very happy ending.
Basically, the home buying process is made up of six easy steps.
Step 1: Choosing a loan
Fixed or adjustable? Short-term or long-term? How much of a down payment? In this step, you'll work with a loan consultant to determine the right loan for you.
Step 2: Completing your application
You'll complete a loan application and provide documentation that verifies the information on your application. Find out exactly what you'll need.
One thing to note: Many homebuyers apply for pre-approval before they look for a home. Pre-approval has two important benefits:
- It can help you determine what you can afford.
- It helps show sellers that you're a serious buyer, and you're likely to qualify for funding.
A loan consultant can tell you more about pre-approval—just call us at (650) 363-1799 or visit your local branch.
Step 3: Approving your loan
During this part of the process, we'll verify your income and employment, review your assets and get a credit report. After that, we'll be able to give you a decision on your loan.
Step 4: Processing your loan
At this stage, the property you're buying is appraised, title insurance is arranged and you'll get homeowner's insurance.
An escrow agent (an independent third party) will hold your down payment, along with any documents related to the transaction, while any conditions set to fund the loan are being met.
Step 5: Closing your loan
When your loan is approved and all of the conditions of the approval (like homeowner's insurance) are met, you'll sign your final loan papers at a closing. Once all of the documents are recorded and funds are dispersed, you're a homeowner. Congratulations!
Step 6: Servicing your loan
After your loan closes, you will be able to access your information online, use DirectAssist or call a home loan professional at (650) 363-1799.
Ready to take the next step?
Learn more about Evaluating Mortgage Types in our Financial Education Center or find out what you'll need to apply. When you're ready to apply, apply online, call us at (650) 363-1799 or visit your local branch.
Try our calculators
Our online tools can make planning your home purchase quicker and easier. Click here now.
