Mortgage Approval Process Guide
How Home Purchases Work
STEP 1
Determine budget and save for a down payment
Before you even start looking at homes for sale, it’s important to determine your needs and budget. Then start saving up for that down payment.
How much can I afford?
STEP 2
Get pre-approved
Apply for your mortgage with Guaranteed Rate. Know your buying power, monthly payment options, and show sellers that you’re serious with a pre-approval letter.
How pre-approval helps you
STEP 3
Connect with an agent, make an offer, and contract
Start house hunting! An agent knows your market and works with you to find your dream home on your budget. When you find your perfect home, present the seller a purchase contract with all the details.
What real estate agents do
STEP 4
Contingencies, appraisal, underwriting, close, move
Once an offer’s accepted, the home needs to be appraised. Next, underwriters check over the financials before clearing you to close. Then it’s time to sign and move in.
Most common questions
How Home Refinances Work
STEP 1
Determine your goals
Refinancing can lower your monthly payment, help pay your mortgage off faster or let you consolidate debt with a cash-out refi.
Should I refinance now?
STEP 2
Run the numbers
Refinancing has more variables than just a new interest rate. Run the numbers so you can know how your monthly payment and mortgage terms may change.