The Mortgage Process Explained: From Application to Closing
Buying a home is one of the most significant financial decisions you’ll make, and understanding how a mortgage works can make the journey a lot smoother. At Guardian Savings Bank, we’re here to guide you every step of the way. Below is a simple breakdown of what to expect, from the initial application to the moment you get the keys.
Step 1: Prequalification
Mortgage prequalification gives you an estimate of how much you might be able to borrow. It’s also a chance to explore loan options like conventional mortgages, government-backed loans, or first-time homebuyer programs. During this step, you and your loan officer will review key financial details like:
- Income and employment history
- Savings and assets (for your down payment and closing costs)
- Credit report
- Monthly debts (student loans, car loans, credit cards, etc.)
- The type of property you’re looking to buy (single-family home, condo, townhome, etc.)
Step 2: House Hunting
With prequalification in hand, you’re ready to begin the home search. Most buyers work with a licensed real estate agent to find properties that fit their needs, location preferences, and budget. Your agent will schedule showings, answer questions, and help you make a competitive offer when you find “the one.” Stay in touch with your Guardian loan officer so you’re prepared to act quickly when your offer is accepted.
Step 3: Apply for a Mortgage & Lock In Your Terms
After your offer is accepted and you’ve signed a purchase agreement, contact your loan officer to finalize your loan program and interest rate. You’ll complete a full mortgage application and submit documents such as:
- Pay stubs and W-2s
- Tax returns
- Bank and asset statements
- Employment details
- Any additional documentation requested for underwriting
Step 4: Loan Processing
Once your application is submitted, our loan processing team verifies your documents and prepares your file for underwriting. They may request additional items — be sure to respond promptly to avoid delays.
Step 5: Home Appraisal & Inspection
Most mortgages require a home appraisal to confirm the property’s market value. You may also choose to have a home inspection done to check for structural or safety issues. While a general inspection isn’t required by Guardian, it’s typically recommended by real estate professionals. An appraisal, however, is required in most cases. Both steps can help protect your investment.
Step 6: Underwriting
Your complete loan file, including financials, credit, and the appraisal, is reviewed by an underwriter to ensure it meets all lending guidelines. It’s normal for the underwriter to request clarifications or additional documents during this step.
Step 7: Final Approval & Closing Disclosure
Once underwriting is complete, you’ll receive a Closing Disclosure with your final loan terms and closing costs. Review it carefully — you must receive it at least three business days before closing.
Step 8: Closing Day
This is the big moment! At your closing appointment, you’ll:
- Sign the final loan documents
- Pay your down payment and closing costs
- Get the keys to your new home 🎉
Congratulations—you’re officially a homeowner!
Guardian Savings Bank Is With You Every Step of the Way
Whether you’re buying your first home or upgrading to your dream house, Guardian Savings Bank offers competitive rates, personalized guidance, and mortgage solutions tailored to your goals.
Have questions or ready to get started?
Contact us today or stop by your nearest GSB branch—we’re here to help you make smart, confident decisions on your path to homeownership Guardian Savings Bank | Find a Branch Near You