When you've decided on a house to buy and you’ve made an offer and it has been accepted, there are a few things you need to do. You need to have the house inspected to make sure it’s structurally sound, free of insect problems and a host of other things. You also have to apply for the mortgage loan. If you’ve done your homework prior to shopping for a house, you’re already pre-approved for a mortgage loan and some of the work is behind you. If you haven’t been pre-approved, you need to start from the very beginning, which is finding a lender to process the loan.

When filling out the mortgage loan application, you will be asked for your income, your residences for the last five to ten years, your employment for the same period, what bills you have and a host of other personal questions. You’ll also need to provide pay stubs or tax returns to verify your income and pay for title searches to make sure there isn’t a hidden lien on the property. Once you have been approved, it's time for closing on your mortgage loan. Once you have signed the appropriate papers and signed a few checks, you have your mortgage loan and can call yourself a homeowner.