From “Can I buy?”to “Here are your keys.”
Six steps explain what happens, who helps, and what you need to do along the way.
Two people to know.
You can speak with either first. Get both involved before making an offer.
Helps you understand your budget and financing. At Quazel, a Mortgage Broker, your Loan Officer can compare options from multiple lenders.
Helps you find the home, prepare your offer, and navigate the purchase contract and its deadlines.
Find a payment that fits your life.
Your Loan Officer reviews your income, credit, monthly debts, and available funds. Together, you compare loan choices, the monthly payment, and how much money you may need upfront.
A pre-approval letter helps you make an offer. It is conditional, so the home and your finances still need to meet the lender’s requirements.
Share a comfortable monthly budget, not just the highest price you might qualify for. Ask what is included in the payment and what documents have been reviewed.
What paperwork should I gather?
Your list depends on how you earn income and the loan you choose. These are common starting points.
Use your secure application portal for private documents. This checklist does not upload or save anything and resets when you reload.
What you tell us. What we verify.
Pre-qualification
An initial estimate based on what you report. You describe your income, debts, savings, and credit, often in a conversation or a short form. If those details have not been verified, the result is a starting point for planning.
Pre-approval
A review backed by supporting records. Your Loan Officer reviews credit and documents that support your income and available funds, such as pay stubs, W-2s, and bank statements. The documents needed depend on your situation.
Saying “I earn $6,000 a month” starts the conversation. Reviewing your income records helps determine how much of that income can be used to qualify. Overtime, self-employment income, and other earnings can require a closer look.
Lenders use these labels differently, and some check credit during pre-qualification. Ask: “Have my credit, income, and funds been reviewed, and what still needs to be verified?” A pre-approval is stronger preparation for an offer, but it is not a guarantee or final loan approval.
Choose the home. Check the numbers.
Your real estate agent helps you tour homes, compare choices, and prepare an offer. Before you commit, ask your Loan Officer to estimate the payment and upfront costs for that specific property.
Your offer includes more than a price. It can set deadlines for inspections, financing, the deposit, and closing. Your agent explains when an agreement becomes binding and what happens if either side needs to cancel.
Understand the deadlines before you sign. Confirm the earnest money amount, where it goes, and when it could be at risk.
What is earnest money?
It is a deposit made under the purchase contract to show your commitment. It is generally credited toward your purchase at closing. Whether you get it back after cancelling depends on the contract, deadlines, and circumstances.
Can the seller help with closing costs?
You can ask for a seller credit as part of your offer. If accepted and allowed by the loan program, it can reduce the eligible costs you pay at closing. It does not mean you receive a free check, and it generally cannot replace your required down payment.
Two different checks on the home.
The home and the loan are reviewed at the same time. An inspection and an appraisal answer different questions.
Inspection
What condition is it in? An inspector examines the home and reports issues. You and your agent decide whether to request repairs or use any cancellation rights in your contract.
Appraisal
What is its estimated value? The lender generally requires a property valuation. Some loans qualify for an appraisal waiver. An appraisal does not replace an inspection.
Book the inspection within your contract deadline and review the report. Start shopping for homeowners insurance while the loan review moves forward.
What if the appraisal is below the price?
Your Loan Officer explains how the value affects your financing. You and your agent can review options such as a price change, additional funds, or any rights provided by your contract. A low appraisal does not automatically cancel the purchase.
The lender checks the details.
This review is called underwriting. The lender checks whether your finances and the property meet the loan’s requirements. Your Loan Officer helps answer questions and keep the file moving.
You may receive a conditional approval. That means the lender still needs specific items before giving final clearance. An updated statement or explanation is common and does not, by itself, mean something is wrong.
Respond to document requests promptly. Before changing jobs, moving large sums, opening credit, or taking on new debt, talk with your Loan Officer about the effect on your loan.
Why are they asking for another bank statement?
Documents can become outdated, and new deposits or payments may need an explanation. Ask what the request is meant to verify so you can provide the right item the first time.
When is my interest rate locked?
A pre-approval does not automatically lock a rate. Ask your Loan Officer whether your rate is locked, when the lock expires, and what happens if closing is delayed.
Know what you will pay.
Clear to close means the lender has cleared the file for closing, subject to any remaining closing requirements. It does not mean the loan has funded or that you can move in yet.
For most purchase mortgages, you must receive a Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about changes before you sign. This step can overlap with final loan review.
Check principal, interest, mortgage insurance, and any escrowed taxes and insurance. HOA dues may be separate.
Charges and prepaid items involved in the purchase, separate from your down payment.
The amount still needed after your deposit, credits, and other adjustments.
Confirm the final amount and payment method with the closing company. Verify wiring instructions by calling a trusted number you already have, especially if an email says the instructions changed.
Signing is one step. Keys are the finish.
You complete the final walkthrough with your agent and sign the closing documents. The lender releases funds once its requirements are met. Recording and possession follow the local closing process and your contract.
These events do not always happen at the same moment. Your agent and closing company confirm when the home is yours to enter.
Bring the ID and funds requested by the closing company. Confirm when you can get the keys and where to make your first mortgage payment.
What should I keep after closing?
Save your signed documents, Closing Disclosure, insurance policy, and first-payment instructions. If loan servicing changes, review the transfer notice and verify where future payments go.
Three things worth remembering.
Try a question to check your understanding. You can change your answer.
Does pre-approval guarantee the loan?
Does an appraisal replace a home inspection?
Can you move in as soon as you sign?
Which step are you on?
Tell a Quazel Loan Officer where you are and what you need help understanding. You can ask questions before starting an application.
About this guide and helpful resources
This guide covers a typical financed home purchase. Steps can overlap. Timing, documents, and contract rights vary by loan, property, and state. Reverse mortgages and some other loans use different disclosures.