As a borrower, there are several important steps to be aware of when it comes to the home buying process. First and foremost, you should know that the process does not solely consist of finding the house of your dreams, making an offer, and moving in shortly after. Sure, you can find a home and make an offer, but that bid is actually only the first step of the closing process. There are several additional steps to take before that offer becomes an official sale. Throughout this time period, the house sale is known as “pending” or “under contract”.