Navigating the home loan process can feel intimidating—mountains of paperwork, time horizons measured in decades, and hundreds of thousands of dollars on the hook.

Deep breaths! You got this. Neither the lender nor your partners at AWay Home Loans will let you get in over your head. The process is actually very approachable when you break it down into manageable steps.



Mortgage Pre-Approval

Pre-approval doesn’t guarantee that you will get a loan at the end of the process, but it certainly is a good first look at your eligibility. With a preliminary credit and income check, you can find out how large of a loan balance you are eligible for, and by extension “how much house you can afford.”

Three-Bureau Credit Check

We check your credit profile with the three major credit bureaus—Experian, Equifax, and TransUnion.


Being pre-approved will help you negotiate with sellers when making an offer on a house since sellers enjoy dealing with serious buyers.

Preliminary Questionnaire

Less rigorous than the loan application, the preliminary questionnaire collects basic info about your income and longevity in your job or business.


House Hunting

Now that you know your budget, start house-hunting! This is the fun part—where you get to take your pre-approval out for a spin and let your imagination run wild on the houses currently on the market—houses that you soon might call “home!”

Negotiating Power

Remember, pre-approval gives you negotiating power. Make sure to do comparative price research. The owner of your dream home may be asking too high a price and may be open to negotiation.

Appraised Value

Also remember, lenders will only lend against the appraised value, not the asking price. If the asking price is above the ultimate appraised value, you might not get the loan balance you need compared to the down payment you can afford. The appraisal usually happens after the offer is accepted, though, so make sure not to offer too much—it could threaten the loan.

Structure the Deal

Structure the deal according to terms you can accept, including the earnest money deposit, option period, and contingency periods for inspections and financing. Consult your REALTOR or a real estate attorney for advice if need be.


Mortgage Loan Application

Once you make an offer on the house and the offer is accepted, it’s time to apply for the loan! Depending on the loan program, there may be application fees to consider.


The application will entertain a much more detailed inspection of your qualifications as a borrower, including verification of your credit, income, and other assets and liabilities (your car, other debts, cash, retirement accounts, etc.).

Loan Estimate

At the time of application, the details you provide about yourself and the property will be used to compile a preliminary loan estimate. These details aren’t set in stone yet, though. You have done your part, and the ball is now in the court of the lender.


Loan Processing

While you don’t exercise much control over the loan processing stage, knowing what happens during that stage can help demystify it. Stages of loan processing include:


Compiling of documentation for review.

Review process

Where documents are reviewed and prepared for the underwriter.

Open File

The creation of a file including borrower and property information.



Underwriting is a mysterious process to many people, but it is actually simpler than it looks. “Underwriting” is a risk analysis. Lenders take off a certain level of risk, and the underwriter’s job is to assess the level of risk a particular transaction would incur. A high credit score might indicate lower risk; a low down payment from the borrower might indicate higher risk.


Evaluation of the borrower profile and the property profile, including all supporting documentation.


Verification of supporting documentation to confirm that details like borrower income and the property’s appraised value are accurate.

Don't be intimidated

Our job at AWay Home Loans is to prevent you from submitting to an underwriting that you won’t pass. With AWay Home Loans on your side, you are never flying blind!



Ready to do the deal? Once the transaction passes underwriting, a closing meeting is scheduled.


Required paperwork including the loan estimate and other documentation. You are allowed at least three days to review the disclosures.

Final Walk-Through

One last look at the property to confirm that you are getting the property in the condition agreed upon.

Closing Meeting

Where the final documents are signed, escrow is funded, and all required checks and wire transfers are cut and all required documents notarized and recorded.


You just bought a home. AWay Home Loans takes great pleasure in having had the opportunity to help make this dream a reality.

Find out if you're eligible for assistance by requesting a FREE Loan Quote

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