First you need to find a suitable lender for you new home loan. Your real estate agent can suggest a few places, or see below for a few choices. Next they will pre-qualify you. This is a very important step, it helps you find a price range that you can afford and a payment that you are happy with. By being pre-qualified, you will be able to look at homes in your price range and the Arizona Association of Realtors approved real estate contract requires a pre-qualification (called a loan status report) letter be attached.

After you are pre-qualified, now it is time to find your new home. Your realtor will show you all the properties that fit your needs in your price range. Once you find the home you are looking for, your realtor will draft a purchase contract for you. Your realtor will then submit and negotiate your contract. Upon successful negotiation, your realtor will open escrow. Next you must do all of the inspections to make sure this is the house for you. Your realtor will help you through this process and discuss it in more detail. In the mean time the loan officer is preparing the documents and ordering an appraisal (if one is required or requested). The escrow officer is preparing the title paperwork and researching the title.

Next, the loan officer gives their underwriter the paperwork. Once the underwriter then gives final approval, they draw the loan documents and sends them to escrow. You and your realtor will then go in to sign. After all conditions are met, congratulations it time to close!