1. Plan
Discuss your goals, budget, and timeline. Review estimated payment and cash needed.
2. Apply
Complete the application and send requested documents through the secure portal. For most covered mortgages, the lender provides a Loan Estimate within three business days after receiving the six required application details. Verification documents are not a condition for receiving this estimate. Review the proposed payment, closing costs, and estimated cash to close.
3. Process
Loan processing, appraisal if required, title work, and underwriting take place.
4. Clear conditions
Respond to any document or information requests. Your team works toward final approval.
5. Close
For covered mortgages, the lender must ensure you receive the Closing Disclosure at least three business days before consummation. Compare it with the Loan Estimate and resolve questions before signing.
Prepare with the preapproval checklist and estimate cash needed at closing. Learn more from the CFPB Loan Estimate guide ↗.