Once you’ve been pre-approved, it’s time to enjoy some house shopping! After visiting properties with your agent and picking out the home you want, the next step is to make an offer. When you make your offer, you’ll generally also submit your earnest money deposit.
Each mortgage lender will need information in order to give you an offer. This is where you submit documents that inform the lender about employment, income, assets, debts, property information, and credit history.
During this stage, the lenders you’ve approached will offer you a loan estimate. If you accept a loan estimate, your loan will start to be processed. At this stage, your mortgage lender will start to go through and verify the information you’ve provided to them.
Mortgage underwriters are actually the key decision-makers in the mortgage approval process and give final approval. They will check every aspect of your application and either accept the loan as it is proposed, reject it, or approve it with conditions.
If your mortgage application is approved, it’s now time for closing. You’ll receive a closing disclosure form showing the original estimated closing costs and final closing costs. Closing fees vary depending on your state, loan type, and mortgage lender.