Congratulations on your decision to purchase a home — now you can put down roots in a community and start building generational wealth.

AAFMAA Mortgage Services LLC (AMS) will make the process as smooth as possible, providing the information you need to understand your mortgage, the origination process, and what you should and shouldn’t do along the way.

Say Hello to Our Team 

No matter how you discovered AMS — perhaps from one of our emails or a referral from a real estate agent, friend, or family member — we’re so happy you’re here, and we want to make sure you get the service from us you expect and deserve.

When you contact us, you’ll be connected with an AMS Military Mortgage Advisor (MMA), a mortgage loan originator licensed to do business in your state.

Our MMAs are experienced with VA Home Loans (which comprise about 90% of our business) and many have served in the military or are military spouses. Your MMA will help you complete a loan application to get pre-qualified. Having a pre-qualification letter can be useful as you work with real estate agents and negotiate with sellers. 

Once you submit your application, we’ll send you a welcome email with the contact information (phone and email) for your AMS Mortgage Team — this includes your MMA and your loan processor. 

In addition, at any point during your loan processing, you’ll be able to use our borrower portal to view the status of your loan and exchange messages with your AMS team 24/7.

Related: What’s the Difference Between Pre-Approval and Pre-Qualification?

What to Expect Next

When you find your home and make an offer, your MMA will go over the loan terms with you, including the loan amount, interest rate, and term (how many years you’ll have to repay), etc. If you agree to the terms, your file will move to the disclosure team, which is responsible for sending you the state and federal disclosure forms you need to sign. 

Once the disclosures are signed and received back, your file can be assigned to a loan processor. As their title suggests, they will manage and process your file, so you may have some back-and-forth requests from them for any missing documents and other information. When the loan processor completes your file, it will be passed to the underwriting team for review and approval. 

You’ll want to familiarize yourself with Xactus, our credit reporting agency, and respond promptly to any messages you receive from them. Often, a creditor will require a conference call with you before they will provide the information that we need to qualify you. Please respond to Xactus right away to avoid delays.

What to Do & Not Do

From the time you are approved for a loan until it closes (funds), it’s very important to keep your finances consistent. You’ll want your credit report and score to remain unchanged. Here are some do’s and don’ts you’ll need to know.

What to DO

• Respond to Document Requests — Provide all documents requested by the AMS team as soon as possible — within 48 hours of the request. Everything an underwriter requests should be obtainable and normally provided by creditors, banking institutions or employers.
• Maintain a Budget — Ideally, your account balances should steadily increase between pre-approval and closing. Be sure to balance your checking account on a regular basis, as overdrafts may cause issues. Be prepared to provide a bank statement just prior to closing to show you have enough funds to close and pay your mortgage for a few months.
• Alert Us to Any Financial Change — If your income (or a co-signer’s income) changes, let your MMA know right away. These situations can often be worked through and not delay your loan, provided we have enough time to do so. Events such as job changes, retirement, and new credit inquiries can all derail a loan if not addressed early enough.

Related: Your Cheat Sheet of the 11 Most Important Mortgage Acronyms

What to Avoid

• Making Large Purchases — While your loan is going through underwriting, don’t finance any major purchases like a new car or expensive furniture. These will show up on your credit report when it’s pulled mid-way through the process and just before the close of your loan. Such purchases could tip your debt-to-income (DTI) ratio. Also, don’t apply for any new credit, as any “hard pull” inquiries on your credit can temporarily drop your credit score and affect your loan approval.
• Transferring Money Between Your Accounts — If you transfer money between your accounts during your loan process, the underwriting team will have to source all large deposits and transfers between them. This extra work to document multiple transfers between your accounts could slow the process.
• Giving Notice or Scheduling Movers Too Early — If you are renting, your move-out date may change depending on the closing of your loan and don’t schedule your moving truck on the day of closing unless everything is confirmed. Your real estate agent and your MMA will do everything in their power to ensure the closing occurs on time, but in any real estate transaction, unexpected issues may arise.

If you have any questions, please reach out to the AMS team.

Whether you’re thinking about buying, ready to start home-shopping in earnest, or considering a refinance, an AAFMAA Mortgage Services LLC (AMS) Military Mortgage Advisor will be happy to provide you with an honest and fair comparison of your mortgage options, including a wide range of affordable mortgages designed to meet your needs.

Ensuring Armed Forces Mutual Members obtain the best mortgage possible is our mission. Get your free mortgage assessment today or give us a call at 844-422-3622!