10 Steps to Homeownership
Understanding the home loan process is key to a successful mortgage experience. Before you make an offer on a home, follow these steps for a smooth path to homeownership.
Do Some Research
What are principal and interest? Do you want an adjustable-rate loan or one with fixed terms? Take some time to understand the common language real estate agents and lenders use during the home-buying process.
Find a Real Estate Agent
Your real estate agent will provide valuable insight into the housing market. They will also help you make a strong offer on a home and show you how to navigate the rest of the process. Need help finding a real estate agent? RealtyPlus® is a free service for Navy Federal members to get matched with experienced, top-performing local real estate agents.
Gather Key Documents
When you decide to apply for your mortgage, you'll be able to upload key documents, such as your latest tax returns and bank statements. Gathering these items ahead of time can make the process faster and easier.
Find a Home
Now comes the fun part—finding your perfect new home! Your real estate agent will help you focus on the neighborhoods and features you're most interested in. Once you've found your home, call your home loan advisor and provide a property address. Your request for preapproval will then convert to a mortgage application.
Get Final Approval
Your home loan advisor will help you through the steps to getting final approval for your mortgage loan. At this point, property appraisal and home inspection take place. You'll also need to obtain title insurance and homeowners insurance, and an escrow account may be required. Additional documents may be requested depending on your loan options.
It's time to close on your loan. After you do a final walkthrough of your new home, you'll attend your closing appointment. Those in attendance could include: your Navy Federal home loan advisor, the seller, the settlement agent, the title company representative and the real estate agent. Remember to bring your ID. After you sign the final documents, your purchase is complete.
Get the Keys and Move In
Congratulations—you have a home sweet home! Get your keys and start planning your move.