Whether you are looking for no deposit home loans so that you do not have to save up any money to put down or ballon loans that make it possible for you to own your dream home right now, you need to know about the various steps that you have to take to get the loan before you start. This is not as complicated as you may think, especially if you know what you are getting into before you begin.
First, you need to find a home that you want. This way, the lending agency can look at it before they pre-approve you. After that, you have to apply to be pre-approved for the money that you think it would take to buy that home. It is worth noting that some companies will do this the other way around if you do not already have a home picked out. They can just pre-approve you for the most they would give you, and you can then use that as a basis when you find a home. In either order, though, these are the first two steps.
Next, you have to make an offer on the house in question. If you offer the asking price, the seller might just give it to you right away. If you come in under the asking price, they are probably going to counter with something that is both higher than what you offered and lower than what they originally wanted. You can then take that offer or send in another one of your own. The two of you will go back and forth, negotiating until you find a price that works for both of you. At any time, you are free to leave the table, and the seller can also give the home to someone else who will agree to pay more than you.
Once you find a price that suits both of you, though, you need to go back to the lender and get the final approval. Many people make the mistake of thinking that pre-approval means that the money is automatically being granted to them, but that is not how it works. You actually have to work with the lender for a few more weeks to get the details straightened out. After you do that, you can get the loan, send the money to the seller, and then close on your brand new home.