1. Pre-qualification and pre-approval
Pre-qualification is an informal estimate. Pre-approval involves a credit check and review of income and asset documents, and carries more weight with sellers.
2. Application and Loan Estimate
Once you apply for a specific property or refinance, the lender issues a Loan Estimate within three business days.
3. Processing and appraisal
The lender orders the appraisal, title search and verifications. Respond quickly to document requests.
4. Underwriting
An underwriter reviews the file against program guidelines and may issue conditions to clear before approval.
5. Clear to close and Closing Disclosure
You must receive the Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate.
6. Closing
You sign the note and security instrument. For purchases, keys follow funding and recording; for primary-residence refinances with a new lender, a three-day rescission period usually applies.
Documents commonly requested
- Pay stubs, W-2s or tax returns
- Bank and retirement statements
- Photo ID
- For refinances: current mortgage statement and homeowners insurance
Protect yourself from wire fraud
Always confirm wiring instructions by calling a verified phone number. Scammers impersonate title companies by email.
Keep reading
This page is general education. Program rules change; confirm current requirements with the official sources linked here and with a licensed lender.