Home Buying Process Works: How The

: The lender orders a property valuation to ensure the home's worth matches the loan amount. Low appraisals or missing "comps" can delay the process.

: This is the most time-consuming phase (often 2–3 weeks), where the lender verifies all financial documents (tax returns, pay stubs) to assess risk. 5. Final Steps & Closing how the home buying process works

: Your monthly home loan payment should not exceed 30% of your monthly income. : The lender orders a property valuation to

: If accepted, the contract is sent to an escrow company. You typically transfer a "good faith" deposit (often around 3% in some markets) into an escrow account. 4. Underwriting and Valuation You typically transfer a "good faith" deposit (often

: Once inspections and appraisals are clear, you remove "contingencies" (conditions that would allow you to back out).

: Usually done five days before closing to ensure the property is in the agreed-upon condition.