What happens after I apply for a mortgage?
After you apply, you receive a Loan Estimate, your documents are reviewed, and an appraisal is ordered. An underwriter then checks the file against the loan program’s rules and may ask for more information. Once the conditions are met you get final approval, review a Closing Disclosure, and sign at closing.
Processing comes first. Your income, assets and credit are documented, and the appraisal and title work are ordered. Answering requests quickly is the best way to keep things moving.
Underwriting is the decision stage. It is normal for an underwriter to issue an approval with conditions, such as an updated bank statement or a letter explaining a deposit.
Until the loan closes, avoid opening new credit, making large purchases on credit, or changing jobs without talking to your lender first. Your credit and employment are typically checked again right before closing.
Related questions
How long does the process take?
A typical purchase loan closes a few weeks after the contract is signed. The timeline depends on the appraisal, the loan type and how quickly documents come in.
Why does the lender keep asking for more documents?
Underwriters must document everything that affects the decision. A new question often comes from something on a statement or a report that needs explaining.
Can my loan be denied after pre-approval?
It can, if something changes or new information comes up, such as new debt, a job change or a problem with the property. Keeping your finances steady during the process helps.
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