Clark County Washington Real Estate Market in a Minute
June 10, 2019
Most Common Hiccups in a Loan Transaction
June 24, 2019

Attaining a home loan may feel a little overwhelming. However, like most life milestones and adventures, the right guidance can help ease the burden, maybe even make it fun. Don’t wait to make your home ownership dream a reality! Follow this simple road map to the home loan process and start your journey today.


The home loan process begins with getting pre-approved. A pre-approval means that a lender provides a conditional commitment for a specified type of loan (Refer to the Underwriting Section). It’s vital to get pre-qualified because it will give you the knowledge of what loan amount you’re qualified for so that you can shop for a home in that price range. Another reason that getting pre-approved is essential is that you will receive a pre-qualification letter from your lender that you can present with your offer on a home which might give you an advantage in a competitive offer situation.

Loan Application

To get pre-approved, you will have to provide documentation to your loan officers, such as paystubs, tax returns, and bank statements. You’ll also have to fill out an official application. It might be digital or on paper. Your loan professional will help you every step of the way.

Look at Loan Options and Select One

Every home buyer’s situation is unique, and there’s a perfect loan for your specific needs. Are you a first time home buyer? Are you refinancing? Do you want the short-term benefits of lower interest rates, or is a smaller down payment more important to you? Primary Residential’s extensive portfolio of loan options has whatever you need. Your mortgage professional will help you discover the perfect loan program for your situation.

Getting Your Down Payment Together

Now that you have decided on the right loan for you, it’s time to make sure that you have the required down payment. Typically, new home buyers need a down payment worth 20 percent of the purchase price of the house. However, if you want to put down less than 20 percent, your mortgage broker can probably give you some options.


Every loan program has specific guidelines. Loan processors and underwriters verify and validate all of the information on your application and check it against the requirements. He or she will double check all of your documents to make sure there are no problems. Sometimes during processing and underwriting, you will be asked to provide additional information. Please don’t get upset; it’s all part of the home buying journey.

Appraisal and Home Inspection

Although an appraisal and a home inspection are not officially part of the loan process, they can have a significant impact on the transaction. If your loan does not appraise at the purchase price value, it could create issues that must be resolved. Also, if the home inspection comes back with some serious problems, like an unstable foundation or a roof that needs to be replaced, that will impact the perceived value of your home.


Closing is the fun part! Closing is when you go meet with your loan professional and sign all the papers (and there are lots of documents). Then the documents are submitted for final approval and sent to the county for recording. That usually takes about 24 to 48 hours. Then you receive the keys to your new home! Woohoo! Congratulations on being a homeowner!


Note: Opinions expressed are solely my own and do not express the views of my employer