Guides/Tips

The Stages Of Your Mortgage Application

Landed | 26 Jun 2019

There are various stages to the mortgage application process. Use this guide as a resource to help you understand the stages of a mortgage application. 

This guide may help you answer these important questions:

  • What are the steps in the mortgage process?
  • How long does it take for the underwriter to make a decision?
  • How long does it take to be approved for a mortgage?

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Stages of Mortgage Application

Mortgage Pre-Qualification

  • You meet a lender's qualifications in order to get a mortgage pre-approval.
  • You have provided self-reported financial information to a loan officer. Based on your financial information, the lender will determine the terms of the mortgage you may qualify for.

Time Taken: 15 - 20 minutes.

Mortgage Pre-Approval

  • You have completed a mortgage application. The lender has verified your information and sent it to an underwriter for them to verify. In competitive markets, sellers want to see that you are pre-approved and can in fact afford the home.
  • Documents you may need to provide include: W2s, paystubs, asset statements, etc. You can refer to Landed’s Mortgage Checklist for an overview of basics and check in with your loan officer for details.

Time Taken: 1 - 10 days, varies by lender.

Mortgage Full Approval

  • Once an offer is accepted, the lender will verify your information for your loan to be approved by an underwriter.
  • Do not make any big purchases, change jobs, or do anything that will impact your mortgage.
  • This is the time period when you lock in your interest rate with your lender and know your final mortgage amount.

Time Taken: Varies by lender.

Congratulations! You are now ready to move into your new home.

Guides/Tips Lenders, Loan Officers, & Your Mortgage Making an Offer

About the Author

Landed

Former educators on the Landed team created these materials to help you on your homebuying journey.

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