There are six important steps in the mortgage process:

1. Research Products and Rates

Understand the types of mortgages available to you. We recommend that you shop around to determine the best type of mortgage to suit your needs. Then, research current rates. Don't focus only on the interest rate, however; also look at up-front points and other fees. Through Pre-Transfer Services, Cartus Home Loans is one of the lenders that can offer special benefits, competitive rates, and discounts on closing costs.

2. Calculate How Much You Can Afford

Calculate the maximum amount you'll be able to borrow, based on your income and assets. You will also want to determine the impact of a mortgage program on the mortgage interest deduction allowed by the IRS. By understanding how much you can borrow, you won't waste time looking at properties you can't afford. Use the Home Affordability Calculator and Payment Calculator to help you plan.

3. Get Pre-approved

Prior to looking for a home, you will want to become pre-approved for a mortgage. This will help confirm the home price you can afford and will give you a competitive edge when making an offer on a property, since the seller knows you are likely to close a loan. Be aware that a pre-approval of your loan is not the same as the final approval your loan receives from an underwriter.

4. Apply for a Loan

Depending on the lender you choose, you can complete a loan application online, over the phone, or in person. If you apply online or over the phone, your mortgage counselor will send you a packet of documents - including your application and verifications for employment, bank deposits and income -to sign and return.

5. Processing the Loan

The mortgage company will verify your application information through employers, banks, and creditors (as necessary). For the lender's purpose, as well, an appraisal will be ordered to determine the current value of the home you are purchasing.

6. Closing

While most lenders require 6-8 weeks to close a loan, some lenders are able to close in as little as two weeks due to state-of-the-art technology. Prior to closing, you will need to obtain a homeowner's insurance policy, along with a paid receipt for the first year's premium, and all other conditions must be satisfied. You will need to arrange a closing date with your real estate agent, builder, attorney or escrow officer, and the title company.

At the closing, you will review and sign all of the documents required. You will be required to bring a certified check or money order for your down payment and closing costs. All of the funds and appropriate documents will be distributed. Upon completion, you will be given the keys to your new home!