Your Step-by-Step Guide to Buying Your First Home Brought to you by Martian Mortgage

We believe that informed buyers are empowered buyers. Here is a clear, step-by-step guide to help you understand the full home loan process, especially if it’s your first time.

Step 1: Pre-Approval

Submit your application and documentation (income, assets, credit).
We review your file and issue a pre-approval letter.
This helps you determine your budget and strengthens your offer.

Step 2: Home Shopping

Work with your real estate agent to find the right home.
Make an offer, negotiate terms, and go under contract.

Step 3: Disclosures & Estimates

You’ll receive a Loan Estimate (LE) within 3 days of application.
- This includes estimated costs for the loan.
- These numbers are required by law and may include placeholder fees.
- Note: This is not your final bill.

Step 4: Locking Your Rate

Once your offer is accepted, you can lock your interest rate.
If the rate changes or is floated lower, you may receive a redisclosure (updated LE).

Step 5: Processing & Appraisal

We order your appraisal, verify employment, and gather third-party documents.
You may see fees for these services in Section B of your Closing Disclosure (e.g. appraisal, credit report).

Step 6: Title & Insurance

Title work ensures the property is legally owned and clear to transfer.
You'll choose your homeowner's insurance provider (included in escrow).

Step 7: Prepaids & Escrow

These are NOT lender fees.
Includes your first year of homeowners insurance, prepaid interest, and property tax escrow.
Think of this as a "reserve tank" to cover future costs.

Step 8: Final Closing Disclosure (CD)

Issued 3 days before closing.
Reflects actual, verified fees (not estimates).
Includes origination, title fees, taxes, and prepaid costs.

Step 9: Closing Day

You sign final documents.
Funds are disbursed.
You receive the keys to your new home!

Need help at any point? Martian Mortgage is with you from pre-approval to the closing table.