A pre-approval gives you a clear idea of how much you can borrow before you start home shopping. It helps prove to sellers that you’re a serious and qualified buyer.
Loan Processing
During processing, your financial documents are reviewed, verified, and organized into a complete loan file. This step ensures everything is in order before moving forward.
Closing
Closing is the official transfer of the property’s ownership and the final sign-off on the loan. Once you’ve signed all documents and paid any closing costs, you receive the keys to your new home.
Application
Your loan application collects detailed information about your finances, property interests, and personal history. Providing accurate details can help speed up the entire process.
Underwriting
An underwriter evaluates your loan file against the lender’s guidelines and risk tolerance. Approval here means you’re one step away from finalizing your mortgage.
Pre-Approval
A pre-approval gives you a clear idea of how much you can borrow before you start home shopping. It helps prove to sellers that you’re a serious and qualified buyer.
Application
Your loan application collects detailed information about your finances, property interests, and personal history. Providing accurate details can help speed up the entire process.
Loan Processing
During processing, your financial documents are reviewed, verified, and organized into a complete loan file. This step ensures everything is in order before moving forward.
Underwriting
An underwriter evaluates your loan file against the lender’s guidelines and risk tolerance. Approval here means you’re one step away from finalizing your mortgage.
Closing
Closing is the official transfer of the property’s ownership and the final sign-off on the loan. Once you’ve signed all documents and paid any closing costs, you receive the keys to your new home.
Glossary of Terms
Explore our glossary of key mortgage terms to enhance your understanding and make informed decisions at every stage of the loan process.
