Here is the order :-
1. Recieve Packet.
2. Existing Connection?
3. Permit by Inbound ACL on interface?
4. Match translation rule (nat, static).
5. NAT embedded IP and perform security checks / randomize sequence number.
6. NAT IP header.
7. Pass packet to outgoing interface.
8. Layer 3 route lookup?
9. Layer 2 next hop?
10. Transmit packet.
hope it helps !