Simplify the Mortgage Process with Affiliated
The 9 Steps to Get a Home Loan
The mortgage process doesn’t have to be difficult. With the guidance of our mortgage brokers, you’ll be able to navigate the mortgage process in a stress-free manner and get the house you want.
So just what does the mortgage process entail? We’ll demystify the process for you so there are no surprises on your route home ownership.
Learn How The Mortgage Process Works And The Types Of Loan We Offer You
Technically speaking, a conventional loan is any mortgage that is not guaranteed or insured by the US government, such as VA, FHA and USDA. Conventional mortgages include portfolio loans, construction loans, and even subprime loans. Property types include 1-4 unite properties, manufactured homes on their own land, condos, and town homes.
FHA loans typically offer options for first-time home buyers, senior citizens and home improvements. If you are a first-time home buyer, an FHA loan may allow you to make a down payment of 3.5% (ie. You don’t have to save up too much money for a down payment). Because FHA loans are insured, lenders can and do offer FHA loans at attractive interest rates and with more flexible qualification criteria. If you are interested in a home that requires some improvements, there is an FHA loan to address your needs.
VA Loans in South Dakota and Wyoming are made to fit the unique needs of Veterans, current military personnel, and in some cases, spouses of veterans or current military personnel. A VA Mortgage differs to some degree from a standard mortgage. While provided through Affiliated Mortgage, the loan is guaranteed in part by the Department of Veterans affairs. Those eligible for VA loans can have little or even no down payment. There are a few special considerations for a VA Loan: good credit and enough funds for payment are among them.
USDA Loans, commonly referred to as Rural Development loans provide borrows with a variety of attractive benefits if the subject property falls within the USDA RD Home Loan Footprint. USDA loans require no down payment and borrowers may finance up to 100% of the property value. While these loans are attractive, you must meet income restrictions for the county in which your new home is located. Each county has a maximum income requirement however the USDA Home Loan Program does allow for certain considerations. One of the final primary criteria’s is that the property be an owner occupied property, investment properties are not eligible.
a- Find with help of your real estate agent the best-fit house for your needs and upon your choice, decide the terms you want to negotiate into your purchase contract. These may include: price, closing cost, and closing date.
b- Execute a contract: all parties sign the final contract to set the purchase in motion.
c- Deliver a fully executed purchase agreement to your loan officer.
This is an optional step in which a home buyer can hire an independent inspector to view the home and make sure there aren’t any issues with the integrality of the home before fully committing to buy the house.
a- Your loan officer prepares your loan documents for signatures.
b- A full loan package is submitted for processing.
A licensed appraiser will conduct a review of your new home’s value, make sure that there is sufficient collateral to support the mortgage and that the house is in adequate condition for the loan
Affiliated mortgage’s processing team will double-check your documents and make sure your file is complete. At this time a conditional loan approval is issued.
a- The title company and Affiliated Mortgage will collect all the invoices for the services provided during the loan process.
b- The title company will coordinate a time to meet with the new home owner, your loan officer, and realtors to execute the final mortgage and pertaining documents.
c- The title company then takes the money funded by Affiliated Mortgage and pays out all outstanding balances. Then, the title company gives the homeowner a clear title to their new home.