The typical mortgage process follows these key steps. Once the application has been submitted to the lender for underwriting, approval and closing timelines vary based on the loan type, documentation, and property details, but many borrowers typically move from application to closing in a matter of weeks.
1. Initial Consultation & Rate Review
You begin by reviewing rate estimates on the platform, after which you can speak with a licensed Mortgage Loan Officer to discuss your goals, loan options, and eligibility.
2. Application
Once you decide to move forward, you complete a formal loan application and provide required documentation (such as income, assets, and identification).
3. Processing & Documentation Review
The lender reviews your application, verifies financial information, and may request additional documents.
4. Underwriting
An underwriter evaluates the loan to ensure it meets lending guidelines and risk standards. Conditions may be issued that require clarification or additional documentation.
5. Appraisal & Final Approval
For purchases and many refinances, a property appraisal is ordered to confirm value. Once all conditions are satisfied, the loan receives final approval.
6. Closing
You review and sign closing documents. For purchases, ownership transfers at closing. For refinances, there is typically a short rescission period (for primary residences) before the loan funds.
7. Post-Closing & Servicing Handoff
After closing, your loan may be sold to government-sponsored enterprises such as Fannie Mae or Freddie Mac, or to other institutional investors. This is a normal and common industry practice and does not change your interest rate, monthly payment, or loan terms. Your loan will be serviced by one of our trusted servicing partners, who will handle payment processing and ongoing account administration. You’ll receive access to a secure online portal where you can make payments, set up autopay, and manage your loan.
The overall timeline can vary depending on loan type, documentation complexity, and market conditions. A licensed Mortgage Loan Officer can walk you through the process and provide guidance specific to your situation.