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. We’re here to help you learn about your options and what to expect when you buy a home.
Apply online to get conditionally approved and find out what you can afford. While a conditional approval isn’t required, it’s useful especially if you want to know whether you’re financially ready to buy a home and how much you could potentially afford.
Talk with a mortgage loan officer (MLO) to understand your mortgage options, learn how much to put down, and get all your questions answered.
With your conditional approval in hand, you’re well qualified to make a serious offer. 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.1
Gather information about you, your finances, and the property. Our online application makes it easy to submit the necessary information online, reducing paperwork and hassle. If you need help with your application, contact your MLO.
KeyBank’s loan processing team will review your application and, based on what you’ve provided, determine if more information is needed. An appraiser may visit the property to determine its value. If any additional information is required, you’ll receive a list of follow-up items.
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’ll sign your loan paperwork. Any additional down payment and closing costs will be due at this time, if applicable.
