Below is a simplified timeline of what happens during the mortgage process. This process can take 45+ days depending on how long a buyer looks for a home.
PRE-APPROVAL
The lender reviews buyers financial situation to determine how much they are willing to lend.
HOUSE HUNTING AND OFFER
Buyer chooses a home, negotiates a price and signs a purchase agreement.
LOAN APPLICATION
The buyer completes a loan application with information about the home being purchased.
MORTGAGE UNDERWRITING
The underwriter analyzes the loan file to determine if it should be approved or denied.
MORTGAGE PROCESSING
The loan processor gathers all of the information needed for the loan and creates a file.
APPROVAL AND CLOSING
The underwriter issues a final approval and the homebuyer attends closing to finalize the deal.
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