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 Application 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.
