Buying a house becomes manageable when you break it down into 10 simple steps. The process of getting a mortgage includes key milestones like saving for a down payment, choosing a lender, prequalifying for a loan, and completing the closing process. Each step puts you closer toward your goal of homeownership.
The 10-step path to your front door
Let’s take a closer look:
1. Save up for a down payment
Your homebuying journey begins long before you start touring houses. It starts with building a financial foundation. While 20% down is ideal if you have it, there are plenty of options available to reduce or even eliminate your down payment, including low and no down payment loan programs. More than a third of younger homebuyers supplemented their down payment with a gift or a loan from a loved one.
2. Get your credit score
Your credit score tells a lender how reliably you’ve managed debt, directly impacting your mortgage terms. Small actions like paying down credit card balances, making payments on time, and avoiding new credit inquiries can boost your score relatively quickly. Even if your score isn’t perfect, there are loan options designed for every credit situation.
3. Choose a mortgage lender
A skilled lender can transform your homebuying experience from stressful to seamless. While it’s tempting to chase the lowest interest rate, the right loan program often carries more weight. An experienced loan officer can match you with a loan that fits your unique financial profile, potentially saving you more over the life of your mortgage.
4. Prequalify for a mortgage
Getting prequalified gives you a preview of your homebuying budget, demonstrating to sellers that you’re serious and showing you how much you can afford. During prequalification, your lender will review your income, debts, and assets to estimate how much they might lend you and at what interest rate. This helps you shop smart by focusing on homes within your price range.
Got a few minutes? Prequalify now.
5. Find your dream home
Now comes the fun part: house hunting. To hunt, you’ll need a strategy and an agent. Start by making a list of your must-haves versus nice-to-haves, considering factors like location, school districts, commute times, and neighborhood amenities. If you need a trusted real estate agent, your local Cornerstone loan officer can connect you with an agent they’ve worked with successfully in the past.
6. Put down an offer
When you find “the one,” it’s time to make an offer—and this is where strategy comes in. Your real estate agent will help you craft a competitive offer that considers not just price but also terms like closing timeline, contingencies, and even possible concessions. Having that prequalification letter in hand gives you a major advantage, signaling to sellers that you’re able to close the deal.
7. Get a home inspection
A professional home inspection is your safety net. It uncovers potential problems that could cost you thousands of dollars down the road. A home inspection typically takes a few hours, and you’ll receive a detailed report within one to three business days. This report gives you the opportunity to negotiate repairs with the seller or walk away from the deal if major issues are discovered.
8. Have a home appraisal
The appraisal protects you and your lender by ensuring the property is worth what you’ve agreed to pay for it. An independent appraiser will evaluate the home based on its condition, features, and comparable sales in the area. If the appraisal comes in at or above your offer price, you’re good to move forward. If the appraisal comes in low, you might negotiate a lower price, bring additional cash, or challenge the appraisal.
9. Close on the sale
Closing day is the finish line. In the days leading up to closing, you’ll complete your final walk-through of the property, review all closing documents, and prepare to sign. Once all paperwork is signed and funds are transferred, you’ll receive the keys to your new home.
10. Move into your house
Congratulations—you’re officially a homeowner! Take a moment to celebrate this incredible milestone before tackling the logistics of moving in. Above all, remember that your relationship with your loan officer isn’t over; we’re here to support you long past closing day.
Ask us how we can help get you home
Whether you’re facing credit challenges, have limited funds for a down payment, or need veteran-specific loan solutions, Cornerstone specializes in turning obstacles into opportunities. Our experienced loan officers work with you to find the right mortgage program—no matter where you’re starting from. Find a Cornerstone loan officer near you.
For educational purposes only. Sources are deemed reliable but not guaranteed.