Overview of the Purchase Mortgage Process

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, & also the state and property type you are purchasing (i.e. Condos have some additional requirements) 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.  

We also have a created a Tips to a Successful Transaction Page with additional dos & don’ts during the loan process.  

Get Pre-Approved
Finding a Home & Signing a Purchase Contract
Sign Loan Disclosures & Initiate the Loan Process
Submission of the Application Package to the Loan Processor
Processing Conditions Gathered and Returned to the Loan Processor
Submission to Underwriting
Conditional Approval/Underwriting Conditions
Review of Underwriting Conditions
Updated Worksheet Estimating Closing Costs & Cash-To-Close
Clear-To-Close
Closing Best Practices

TAKE CASH OUT

Leverage your investment and use the equity your home has gained over the years

Good for
Renovating your home
Paying down high-interest debt

Use my equity

LOWER YOUR PAYMENT

As an established homeowner, you can improve your financial security by refinancing to a lower payment

Good for
Lowering your monthly outlay
Planning for retirement

Reduce my payment

SHORTEN YOUR LOAN TERM

Learn how the home buying process works with our mortgage Refinance into a shorter term so you can pay off your mortgage soonere tools and resources page

Good for
Reducing the amount of interest you’ll pay
Becoming mortgage-free faster

Shorten my term