A mortgage is mostly paperwork that shows what you earn, what you own, what you owe and what you are buying. Here is the path from first conversation to keys, and what happens at each step.
1. Quote and pre-approval
A quote takes minutes and needs no hard credit pull. A pre-approval adds a credit report and a review of your income and asset documents, and gives you a letter to shop with.
2. Shopping and the offer
You find the home and make an offer with your pre-approval letter. When the seller accepts, the signed purchase agreement sets the timeline, including the closing date, which we help you choose.
3. Application and Loan Estimate
We complete your application and shop it across our lenders. Within three business days of the application you receive a Loan Estimate listing the rate, payment and every closing cost. You decide whether to lock the rate.
4. Processing
Our processor gathers and checks your documents, orders the appraisal and title work, and assembles the file for the lender.
5. Underwriting
The lender's underwriter reviews the file against the program's guidelines: your credit, income, assets and the property. They may ask for additional items, called conditions. We clear them with you and keep you posted at each milestone.
6. Closing and funding
At least three business days before signing you receive the Closing Disclosure with the final numbers. You sign with an escrow officer or notary, the lender funds the loan, the county records the deed, and you get the keys.
Most purchase loans close in 21 to 45 days. Refinances usually take 30 to 45 days. See the documents checklist for what to gather before you start.