There are several major distinct steps in the home purchase process, and several relate to obtaining a home loan. It can be complicated for both first time and experienced buyers. This blog provides important information about home loan process for buying Burlington MA properties and covers what you may want to know prior to beginning the process.

Home Loan Process For Buying Burlington MA Properties


A pre-approval is a preliminary review of your financial information and credit rating to determine what you may be able to receive as a loan amount. It ensures that you meet the preliminary requirements for a loan. Pre-approvals do not guarantee that you will be able to obtain financing, but is a usual first step in the mortgage process.

Mortgage Application

An application takes place normally after you have an agreement to purchase a property. You may be required to provide additional financial paperwork and information. The specifics on the property are also submitted to the lender for review. They will request a copy of the Purchase and Sales agreement in order to proceed. Your contract will often require that you submit an application before a specific date.

Mortgage Appraisal

An appraisal is mandated by a lender (although you are typically charged the fee for it) to determine the current market value of the home. Appraisers will compare your property to others that recently sold in the area within the last several months. An exact dollar value is provided. Ultimately, the value of the home must justify the amount that the bank is loaning to you.


After your financial information and the details on the property are reviewed, the mortgage company provides a commitment letter. This assures the parties that no major problems have been identified and that the lender is somewhat certain that the loan will result in full approval. There may be a few conditions included in the letter such as an employment verification and final credit check. Therefore, it is essential not to complete costly purchases or change your financial condition even after a commitment is issued as it may cause a loan to fall thru.

Clear to Close

A clear to close is basically the final approval of a loan. It indicates that all criteria have been completed and that the lender can send the file to the closing agent. This sometimes takes place within days or hours before the anticipated closing date.

The Closing

The settlement entails signing of documentation and filing of paperwork into public record. Always bring official identification and a money order or bank check for any amount due. Personal checks or cash are typically not acceptable. The exchange of money occurs at or shortly after and the home becomes officially yours!

A Few Final Notes

Deadlines are an important facet of any real estate transfer, so make sure that you know the deadlines and what you must provide to comply with each one. Working with a experienced mortgage professional and real estate professional is a big help. They can provide you with advice and assistance, monitor deadlines, and make it a more positive experience. Contact me, Peter DaMore (Law Offices of Peter T. DaMore Jr.) for additional information on this and similar topics. I may be reached at 781-229-7900 or