8 Steps to Homeownership

March 2023

<p>8 Steps to&nbsp;Homeownership</p>

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.

STEP 1: Get conditionally approved.
Complete the online prequalification application to get conditionally approved and find out what you can afford. Set your home-buying budget and learn how much of a down payment you should be prepared to bring to closing. Consult a Mortgage Loan Officer (MLO) to answer any questions.
STEP 2: House hunt and make an 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.

STEP 3: Complete your loan application.

Gather information about you, your finances, and the property; then work with your MLO to complete the loan application.

STEP 4: Application processing.

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.

STEP 5: Receive initial loan approval.
KeyBank’s underwriting team will review the application, the property appraisal, your credit report, and other financial details to confirm that you are eligible for the loan.
STEP 6: Prepare for your loan closing.

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.

STEP 7: Close and sign final paperwork.

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.

STEP 8: Get the keys to your new home!
Once all the funds are collected and the contract is verified, you will receive the keys to your new home. KeyBank’s closing team will make sure that the property is legally transferred and purchase funds are given to the seller.
You’re now a homeowner. Our team of experts would be happy to help you with your future mortgage needs, whether you are exploring home equity options or buying another home.

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NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offers are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans or products are available in all states. Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.

This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or is offering any tax, accounting or legal advice.

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