Mortgage Basics: What's the process for buying a house? [MUSIC PLAYING] (SPEECH) What's the process for buying a house? There are many paths a home buyer can take in purchasing a home. (DESCRIPTION) A pamphlet unfolds to reveal as with three steps and connecting diagram lines (SPEECH) In general, it really comes down to these three steps, and your mortgage loan officer helping you through the process. (DESCRIPTION) Puzzle pieces appear with different mortgage types written on them (SPEECH) First, pre-qualification. Think of this as a preliminary discussion of how much you may be able to qualify to borrow, based on the available loan programs and information you provide. (DESCRIPTION) Puzzle piece is placed into puzzle of a house (SPEECH) While not required to complete the purchase, with this figure, you can work out what down payment and monthly payments you can afford,... (DESCRIPTION) Pie chart and stack of dollar bills, which begin peeling off the top of the stack. (SPEECH) ...and you can ask for a pre-qualification letter that helps you move forward with the home buying process and show sellers you are serious about making an offer. (DESCRIPTION) Person at computer looking at homes for sale with Pre-Qualification letter on desk. (SPEECH) Second, there's pre-approval, which is when the lender customizes the specific loan amount for you. (DESCRIPTION) Picture of a house with a dollar sign in the corner. (SPEECH) The lender reviews lots of your financial information, including a credit check, your income, and other documents you'll provide. (DESCRIPTION) A number of documents side by side along with a check, all slide together and in to a folder. (SPEECH) At that point, the lender may be able to offer a conditional approval for a specific loan amount. Now you can shop for your home and you'll negotiate a sales price. (DESCRIPTION) Quote bubbles come from back and forth across the screen, revealing two people with a shared quote bubble containing a check mark. (SPEECH) And third, there's the final approval. This is the formal loan approval for the home you've picked. (DESCRIPTION) A document is stamped by a hand, reading "FINAL APPROVAL". (SPEECH) Before this, an appraisal will be completed… (DESCRIPTION) A house inspected with a magnifying glass. (SPEECH) ...you'll choose a title company,... (DESCRIPTION) A person at a laptop selects from a list generic title companies. (SPEECH) ...and set a closing date. (DESCRIPTION) A red "X" is marked on a calendar (SPEECH) After you sign all the papers at closing,... (DESCRIPTION) A document is signed. (SPEECH) ... you'll be ready to move in. (DESCRIPTION) A moving truck passes two people shaking hands and a house. (SPEECH) You can relax a little knowing these three steps, while your mortgage loan officer can help remember all the details for you. (DESCRIPTION) Zoom out to reveal house, people shaking hands and three steps with connecting diagram lines. (SPEECH) It all becomes more manageable, especially the part where you get to move in. (DESCRIPTION) Logo, US Bank. Equal Housing Lender. Visit US Bank dot com to learn more about US Bank products and services.