1. Check your credit scores (FICO score) and prepare your down payment funds.
2. Calculate loan Principal, Interest, Tax, and Insurance payments (“PITI” payments) calculation and confirm your budget for these payments

1.Enter the home purchase contract and open an escrow
2.Select a mortgage lender and a loan program
3.Prepare required documentation to apply for the loan and obtain loan approval
4.Lock in the mortgage interest rate
5. Obtain an appraisal of the home.
6.Submit all required loan application documentation according to the escrow closing date
7.The lender sends loan documents to the escrow company
8.All documents are sent back to the lender after signed by the loan applicants
9.The lender places the loan funds in escrow by the contract date
10.Complete recordation of title and collateral in the relevant county

1. You can purchase a home with less cash out of your pocket.
2. You can preserve more of your cash for other uses, projects or investments; the amount of equity in your home will still rise as the value of your home increases.
3. Home loan interest paid can be tax deductible.