Purchase a Home

Homeownership guide

From pre-approval to closing day, here is what to expect.

Understanding the homebuying journey

Every purchase is different, but most follow the same five steps. Knowing what comes next helps you plan and avoid surprises.

1
Get pre-approved
Before you shop, learn your budget and financing options. We review your income, assets and credit and issue a pre-approval letter.
2
Begin your home search
Work with a trusted real estate agent to find a home that fits your needs, goals and budget.
3
Make an offer
When you find the right home, your agent submits an offer and negotiates terms with the seller. Your pre-approval strengthens the offer.
4
Processing and underwriting
Your loan team collects documents, orders the appraisal and title work, and guides your loan through approval. Respond to document requests quickly to keep things moving.
5
Closing day
You review and sign your closing documents, fund your down payment and closing costs, and receive the keys to your new home.

Down payment. Ranges from 0% on eligible VA and USDA loans to 3–20% or more on other programs.
Closing costs. Lender, title, appraisal and government fees, plus prepaid taxes and insurance. Your Loan Estimate lists them.
Earnest money. A deposit you make with your offer. It is usually credited toward your purchase at closing.
Reserves. Some programs require savings left over after closing.