Financing a home? Let's get started.
We understand that buying a home is a big decision. Review the four easy approval steps below and when you are ready, fill out the Mortgage Application.Start Your Application
Step One: Apply for a Mortgage
After you consult with one of our loan officers, you’ll be ready to submit a full application to obtain a mortgage. You and your loan officer can do much of the preliminary work ahead of time.
Step Two: Loan Process
The loan process is simple and easy if you have consulted with an AAFMAA Mortgage Services loan officer. Our state licensed professional loan officer will explain all the documents you will need as well as all the key elements of the process. The mortgage process has become more complex over the last decade. Your dedicated effort to provide information in a timely manner is essential.
Step Three: "Clear to Close"
“Clear to Close” are the words you want to hear prior to final approval and closing. All your hard work and effort results in setting up a closing date. The closing date will be arranged by a loan officer. The realtor will not set up a closing date. Once we have the “Clear to Close,” we will work with you to arrange a convenient time for your closing.
Step Four: Closing
At closing is when you sign the documents that finalize both the purchase and the mortgage financing. With AAFMAA Mortgage Services there are no surprises. This part of the process confirms the documents you have already signed and seen during the loan process. Depending on where you live, the closing might take place at an attorney’s office or with an escrow agent. Be sure to ask questions about anything that is unclear. AAFMAA Mortgage Services even offers the option of a mail away closing if you cannot attend the closing. After this step is completed, you can celebrate in your new home.
AAFMAA Mortgage Services offers the following mortgage programs:
Conventional Fixed Rate Mortgages – A fixed interest rate means your interest rate will remain the same for the life of the loan.
Adjustable Rate Mortgage (ARM) – Introductory rates offer opportunities for short term savings. One example of an adjustable rate loan is a 5/1 ARM, which means that, after five years, the rate can change once every year for the remainder of the loan.
FHA Loans – These loans offer low down payment options and lenient credit requirements.
VA Mortgages – VA (Department of Veterans Affairs) mortgages involve no money down financing options for eligible military veterans, active duty service members and surviving spouses.
USDA Rural Housing Loans – These loans are offered to potential homebuyers in designated rural areas. This zero money down option makes it a popular choice for first-time homebuyers in designated rural areas. Consult with a loan officer for eligibility.
Before you begin the process, know the factors that will affect loan approval:
- Credit history and all debts
- Proposed loan amount
- Income and income tax returns
- The value of the home
- Loan type
- Job status