Overview of the Purchase Mortgage Process - Affiliated Mortgage Company

Below is an overview of a typical purchase mortgage loan process. Depending on the type of loan you are applying for: Conventional, Jumbo, FHA, VA, Condos, Manufactured Homes, this process may vary. It’s meant to give you an overview of what to expect and what transaction milestones you’ll need to complete during the loan approval process.

Affiliated Mortgage

Mortgage Process

Whether you’re ready to buy a home, or learn more about the loan application and approval process– this guide was made for you.

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Pre-Approval Process

This is the first step to obtaining a loan on your next home. You will reach out to lender’s who can review your financial status in order to provide you a preliminary approval on a home mortgage. Learn about Different Loans

House Hunting & Placing an Offer

Once you find the perfect home, you’ll place an offer and negotiate the terms of the sale with the sellers. When there is a fully signed purchase agreement in place, your lender will be notified to begin processing the loan.

Loan Underwriting & Processing

Your lending team will gather a bit more information once you have accepted an offer on a home. Once they have all of the necessary information, they will begin the loan underwriting process. The loan underwriting process is a review to approve the loan for closing.

Clear to Close

Once your loan application has completed the underwriting process you’ll recieve a final issue of approval (also known as the clear to close). This is your go ahead to schedule closing day and sign for you new home. Congratulations!

Understanding Your Credit Score

Before beginning the approval process it is important to understand how your credit score can impact your qualification for a loan.

Understanding the Pre-Approval Process

A thorough Pre-Approval process completed up-front, before you enter a contract is the singular most important step you can proactively take to ensure a smooth loan process.

Forms Needed for a Loan Application

Forms that may be requested:

Credit Card Authorization

Gift Letter

Mortgage Application Documentation Checklist