The loan process

This is where the process formally begins. The documents from your checklist are what let us move on to the review in step 2, so the sooner we have them, the sooner you get an answer.

We look at your credit alongside the employment, income and asset documents you gathered — paystubs, W-2s, bank statements, tax returns. Together these determine the programs, pricing and purchase price you qualify for, and let us address anything on your credit early.

With the letter in hand we design the loan itself — comparing programs, weighing down payment options, and balancing cash to close against monthly payment until we land on a structure that hits the number you want.

We work side by side with your real estate agent to confirm your preapproval works for a home before you tour it, so every property you seriously consider still meets the goals you set in step 3.

We'll run the exact numbers for that address and issue an updated preapproval letter to submit with your offer. When both sides have signed, you've reached mutual acceptance.

That means confirming things like bank deposits and payment history. Any derogatory credit items may need a short written explanation, which we'll walk through together.

The Processor orders it. The appraiser evaluates the home and forms an opinion of value based on its condition and comparable sales nearby. Some loans qualify for an appraisal waiver.

You may be asked for more information or documentation before the final commitment is issued. That's routine — it usually means the Underwriter is closing out the last open question.

Once the loan is approved and cleared, your file moves to closing and funding. Your Closing Disclosure arrives at least three business days before you sign, so you have time to read it.