8 Steps to Homeownership
The Mortgage Process
Knowing the steps in the mortgage process before making an offer can better prepare you for your purchase and save you time, money, and stress.
Once you have found your dream home and are ready to make an offer, review your planned offer with your MLO before submitting it to the owner of the property. Your realtor will help with this.
Gather information about you, your finances, and the property; then work with your MLO to complete the loan application.
KeyBank’s loan processing team will review the application and determine if more information is needed, based on what you have provided. An appraiser visits the property to determine its value.
Your loan approval might have some conditions that you need to complete before signing for your loan, such as obtaining property insurance. A title company or attorney will work with KeyBank’s team of professionals to prepare the mortgage note, deed, and title work required to transfer the property.
Working with a title company or attorney, you will sign all of the paperwork related to your loan. Any additional down payment and closing costs will be due at this time.