The Purchase Loan Process

Seattle Mortgage Planners will work with you every step of the way to make the loan process as simple and stress-free as possible. This is what you can expect.


Schedule a Brief Phone Consultation With Us

During this initial phone consultation, we’ll review your current financial situation, needs, and goals and ask any questions that we have. The information that we gain here will be crucial to finding you the right home loan and rate.

We won’t be the only ones asking questions during the call, though — this is your time to address anything you’re confused or concerned about. We’ll also walk you through the rest of the mortgage application process and review all the supporting documents you’ll need to submit later on, including bank statements, W-2s, and tax returns. We recommend that you start gathering these documents at this point to prevent delays later on, when time may be of the essence.


Apply for Your Loan Online

After our first call, we’ll discuss your home loan options. Once we’ve settled on the best fit, you can apply for your loan online from the comfort of your home and submit all the supporting documentation. A credit check will be necessary at this point.

[Related: How to Maintain Your Credit Score While Shopping for Mortgage Rates]


Get Preapproved

After receiving your loan application and supporting documents, we’ll review them to identify the mortgage loan programs and interest rates you’ll qualify for based on your credit, as well as an approvable purchase price and down payment.

We will then issue your preapproval letter, which proves that your credit, assets, and income have been verified. You will include your preapproval letter in your purchase offer to give the seller confidence that you’ll qualify for a mortgage.

[Related: The Difference Between Preapproval and Full Credit Approval]


Get Final Underwriter Approval

Once a seller accepts your offer, you should complete the purchase and sale contract and get it to us as soon as possible.

After the contract is finalized, we can review the mortgage rate and loan options available to you. We’ll also discuss the pros and cons of locking in your closing costs and rate.

Then the official loan process begins. Your future home will be appraised to confirm the property value, and you’ll receive state and federal loan disclosures via email to sign electronically. You will also complete some additional documents, including a preliminary title report, at this time.

As soon as you’ve provided us with all of the necessary documents, we’ll submit them to the underwriter for final approval. The underwriter will review your application, ensure that everything is complete and correct, and run the numbers to verify that you meet eligibility requirements (don’t worry — we’ll ensure that you’re eligible before applying).

[Related: How to Get Your Mortgage Approved (and Keep It That Way)]


Close Your Loan

Upon receiving final approval from the underwriter, we’ll prepare your loan documents and send them to the closing agent, who will coordinate the reviewing and signing with a mobile notary. We’ll meet with the seller, closing agent, and notary at the location and time of your choice.

You will pay your closing costs, the seller will execute the property deed, and the closing agent will transfer legal ownership of the property to you. Afterward, you’ll leave as a homeowner with the keys to your new home in hand.

[Related: Guide to Closing Costs in Washington State]

Ready for Your New Home?

Schedule a call or send us a message to take the first step.