Before applying for a home loan, it's important to determine how much you can afford to borrow. This involves assessing your income, expenses, and existing debts to establish a budget.

Many buyers start by getting prequalified or preapproved for a mortgage. Prequalification is an informal estimate of how much you might be able to borrow based on basic financial information. Preapproval involves a more thorough review of your financial situation by a lender, including a credit check, and provides a conditional commitment for a specific loan amount.

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Once you've chosen a lender, you'll need to complete a formal mortgage application. This typically includes providing detailed information about your income, employment history, assets, debts, and the property you wish to purchase.

After you submit your application, the lender will begin the underwriting process. This involves a comprehensive review of your financial information, as well as an appraisal of the property to determine its value. The lender will assess your creditworthiness and ability to repay the loan.

If you meet the lender's criteria, your loan will be approved, and you'll receive a commitment letter outlining the terms and conditions of the loan.

Before closing, you'll receive a Closing Disclosure document that details the final terms of the loan, including the interest rate, closing costs, and any other fees associated with the mortgage.

The final step in the home loan process is the closing, where you'll sign all the necessary paperwork to finalize the purchase of the property. This typically takes place at a title company or attorney's office and involves paying closing costs and any required down payment.

Once the closing process is complete, you'll receive the keys to your new home and can move in!