As one of the biggest steps you will take in your lifetime, the process of purchasing a home admittedly makes for one of the most daunting experiences! For first-timers, in particular, the process becomes overwhelming, particularly because of the array of factors that need to be considered before, during, and after. 

Fortunately, you don’t have to worry about getting bundled up in the intricacies of the home buying process; we’ve got you covered with this comprehensive guide on everything you need to know about it!

A Play-by-Play Guide to the Home Buying Process

While the prospect of buying a home may seem intimidating because of how nuanced it is, breaking down the process into an assortment of steps will allow you to clear everything up with ease. Let’s go over the various steps you need to account for leading up to the moment the keys and property are handed over to you:

Talking to the Right People

Before you even think about putting in your down payment and signing papers, you’ll need to talk to two people to start the home buying process off: a lender and a realtor—in that order.

Contrary to popular belief, you must talk to a lender before a realtor or property agent because it’s critical to determine the buying power that you have. Through the help of an experienced mortgage lender like us at the Liberty Mortgage Group, you’ll be able to establish your buying power so that it’s easier to know which properties are within your reach! The result of talking to a financial firm representative before all else is that you’ll be in a better position to talk to a buyer’s agent.

By the time you find a lender to work with, you’ll need to fill out an application that will provide the necessary basis for a buyer’s numbers. Typically, this process can be condensed into three key steps: 

  1. Rendering a credit report (which will act as the benchmark of information for the succeeding steps)
  2. Analyzing the numbers that are generated from the data or information gathered from the previous step
  3. Providing a buyer with an ideal ballpark or budget range based on the previous analysis

To carry out the application, you’ll need to provide 30 days worth of paystubs, the last two years of W-2 statements, and written verification of income. For self-employed applicants, you’ll need at least two years of tax returns, any child support or alimony payments, and any other proof of income or assets.

Dealing With a Realtor and Processing a Mortgage Application

Once you establish how much buying power you have, it’s time to start talking to a realtor that will help you find the best property within your budget. Typically, realtors only start showing homes when buyers have word from their lenders about the amount that they can afford, as this will reflect the price point they can work with! 

After choosing a particular property and establishing exactly how much you’ll need, the next step is to go through the processing stage, which will put your application a few steps closer to approval. The processing stage itself relies more on third-party involvement, as a lender will get in touch with regulatory agencies like the IRS and insurance companies for additional information on the validity of your financial status.

Going Through the Underwriting

Near the end of the standard 30-day processing period, a lender will help you inch closer to finally purchasing a home by guiding you through the underwriting stage. 

The documents that you provide and the insights generated from third-party sourcing will be analyzed by underwriters. These professionals typically assess the creditworthiness of a buyer and the overall risk of lending to them based on guidelines outlined by Freddie Mac and Fannie Mae!  


The home buying process is an endeavor that entails being mindful of all the key details that you’ll end up dealing with throughout the process. Once you keep a keen eye on the details mentioned above, you’ll be able to ensure that your home buying experience pans out smoothly, and you won’t run into any potential pitfalls along the way! 

Liberty Mortgage Group holds the distinction of being one of the best mortgage lenders in Centennial, CO, for homebuyers of all kinds. If you’re looking to purchase your dream home in the most convenient and effective way possible, get in touch with us today!