Buying a home, step by step
From pre-approval to closing, here's what to expect when you buy a home with iTrust Mortgage.
Contact iTrustThe homebuying process
- 1
Get pre-approved
Share basic financial information so a loan officer can confirm how much you may be able to borrow and at what estimated rate.
- 2
Shop for a home
With a pre-approval in hand, work with a real estate agent to tour homes and find the right fit within your budget.
- 3
Make an offer
Submit an offer on the home you want. Your pre-approval letter shows sellers you're a serious, qualified buyer.
- 4
Underwriting
Once your offer is accepted, your loan moves to underwriting for a full review of your financial documentation and the property.
- 5
Close
Sign your closing documents, fund the loan, and get your keys.
Frequently asked questions
How much do I need for a down payment?
It depends on the loan program. Conventional loans can start as low as 3% down, while other programs (like FHA or VA) have their own minimums or may require no down payment at all. A loan officer can help match you with the right program based on your finances and goals.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick, informal estimate of what you might be able to borrow based on information you provide. Pre-approval is a more formal step where a lender verifies your income, assets, and credit, giving you a stronger offer to bring to sellers.
How long does the homebuying process take?
From pre-approval to closing, the process commonly takes 30-60 days once you're under contract, though timelines vary based on the property, financing type, and how quickly documentation is provided.
What credit score do I need to buy a home?
Minimum credit score requirements vary by loan program and lender. Generally, higher credit scores can unlock better rates and terms, but several loan programs are designed to work with a range of credit profiles.
What costs should I expect beyond the down payment?
Plan for closing costs (typically a percentage of the loan amount), which can include appraisal, title, and lender fees, plus prepaid items like property taxes and homeowners insurance held in escrow.
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