1. Explore and apply
Discuss your goals, compare options and submit an application with the requested documentation. Review the disclosures and ask about anything you do not understand.
2. Review the property and file
The lender reviews income, assets, credit and program eligibility. The property may require an appraisal and other reviews. Requests for additional documents are common and should be addressed promptly.
3. Resolve conditions
Underwriting may identify conditions before the loan can close. A preliminary review or preapproval is not a final approval. Avoid financial changes without discussing their effect on the file.
4. Prepare for closing
Review your final disclosures, confirm any required funds and verify payment instructions directly with your trusted closing contact. Timing depends on the complete file, property, title and other requirements.