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The Home Buying Process
3 Basic Steps to Buying A Home
Chat with Mortgage Advisor
Most people make the mistake of searching for their new home before talking to a Mortgage Advisor. The first step in the home buying process is to get prequalified and pre-approved. This gives you an estimate of how much you can borrow and make your offer on a new home much more credible.
Find a Realtor®
After you're preapproved for a mortgage, you can begin your search for a real estate professional and your new home. A real estate professional is extremely helpful when it comes to the inspection, appraisal, preparing an offer, and negotiating with the sellers of the home you want to purchase.
Close on Home
Once the home seller has accepted your offer on your new home, your Mortgage Advisor will help make sure that you complete all of your mortgage underwriting requirements. They will also work with your Realtor® to set a closing date so that you can take ownership of your new home!
Ready to Get Started?
Approved Mortgage is here to help make the home-buying process stress free by shopping for the best rates and finding the right program for you.
How to Get a Home Loan
3 Basic Steps to Getting a Mortgage
Get Pre-Qualified
The first step to getting a mortgage is to get pre-qualified to know how much money you can afford to borrow when you are ready to buy a home. Getting pre-qualified by a lender is relatively informal, but you will need to provide information about your income, assets, and liabilities.
Get Pre-Approved.
The second step is to get a pre-approval. This will help strengthen any offer you make on a new home because it proves to the seller that you can purchase the home. A lender will check your credit, verify your financial and employment information, and confirm that you qualify for a mortgage.
Clear To Close
The last step in getting a mortgage means an underwriter has approved your loan documents and that you have met any conditions that were required for the loan to be approved. Your lender will then be able to coordinate and confirm your closing date so that you can take ownership of your new home.
Ready to Get Started?
Approved Mortgage is here to help make the home-buying process stress free by shopping for the best rates and finding the right program for you.
Different Types of Home Loans
3 Basic Mortgage Options for Home Buyers
Government-Insured Loans
Popular government-backed mortgage programs include FHA, USDA, and VA loans. These loans use a combination of low down payment, low rates, and flexible lending guidelines to help homebuyers qualify for a loan. These loans are popular with first-time homebuyers, low-to-moderate income borrowers, or borrowers with less than perfect credit.
Traditional Loans
Traditional mortgages generally offer lower costs and are a great choice for homebuyers with higher credit scores and allow down-payments as low as 3% with insured financing. Traditional mortgage programs include FannieMae, Freddie-Mac, HomeReady, Home Possible, Home One, and other loan options for well-qualified borrowers.
Other Loan Types
Other non-traditional types of loans help homebuyers with unique situations. These specialty loans are designed to help a wide variety of homebuyers: self-employed, over age 62 Equity Conversion, Medical Doctors, Physicians, Veterinarians, Luxury Home Financing, and more.
Ready to Get Started?
Approved Mortgage is here to help make the home-buying process stress free by shopping for the best rates and finding the right program for you.
About us.
Approved Mortgage has helped thousands of homeowners improve their credit scores and obtain approvals when they didn't think possible. We’ve simplified the process of shopping for a mortgage and finding the best home loan option for your needs. Our Mortgage Advisors are ready to help guide you along the way.