Are you considering buying a home but don’t know where to start? The mortgage process can seem confusing, but breaking it down into simple steps makes it easier to understand. Whether you’re a first-time homebuyer or just looking for a refresher, we’re here to guide you through it.

At Northwoods Credit Union, our experienced mortgage originators are ready to help you every step of the way. With locations at Avenue B in Cloquet, Moose Lake, and Floodwood, you can meet with a mortgage expert in person, or you can start the process online from the comfort of your home. One of our originators, Lindsay S., walks you through the process in a quick explainer video below!

Here are the 5 basic steps of the mortgage process:

Step 1: Meet with a Mortgage Originator to Discuss Your Options

The first step to getting a mortgage loan is meeting with a mortgage originator. At Northwoods Credit Union, our team will take the time to understand your financial situation and explain your mortgage options. Whether you’re interested in a fixed-rate mortgage or an adjustable-rate mortgage, we’ll help you decide what’s best for you. You can meet with us in person at our Avenue B, Cloquet, Moose Lake, or Floodwood branches, or start the process online if you prefer.

Step 2: Fill Out Your Application and Review It

Once you’ve discussed your options, it’s time to fill out your mortgage application. This is an important step, as it helps us get a clear picture of your financial background. After filling out the application, you’ll meet with your mortgage originator to review it together. This ensures everything is correct and ready for the next steps in the process.

Step 3: Meet with Your Real Estate Agent and Get a Pre-Approval Letter

After completing your application, it’s time to meet with a real estate agent. Having a pre-approval letter is essential, as it shows sellers you’re serious and ready to make an offer. Your mortgage originator will help you secure this letter, which will make the home-buying process smoother when you’re out shopping for homes.

Step 4: Start Shopping for Your Home

Now comes the fun part—shopping for your home! With your pre-approval in hand, you can begin looking at homes within your budget. Whether you’re looking for a cozy first home or a larger family house, your real estate agent will help guide you through the process and ensure you’re making smart choices along the way.

Step 5: Sign the Purchase Agreement

Once you’ve found the home you want to buy, it’s time to make an offer and sign the purchase agreement. This document details the terms of your home purchase, including the price, the closing date, and any contingencies. Your mortgage originator will help make sure everything is in place so you can move on to the next steps toward closing.

Get Started with Northwoods Credit Union Mortgage Loans

At Northwoods Credit Union, we make the mortgage process easier for you. Whether you prefer meeting with a mortgage originator in person at one of our branches—Avenue B, Moose Lake, or Floodwood—or you want to start the process online, we’re here to help. Our team will provide expert guidance throughout the entire process to ensure you get the best credit union mortgage for your needs.

If you’re ready to take the next step in buying your home or if you have questions about what is a mortgage and how it works, reach out to us today. We’re here to help you make your home-buying journey a success!