Week 1: Pre-approval
Pre-approval is your first step. Submit a full mortgage application with W-2s, pay stubs, bank statements, and tax returns. The lender pulls credit, reviews your finances, and issues a pre-approval letter stating how much they'll lend you.
Pre-approval (vs pre-qualification) means the lender verified your documents. Sellers and agents take pre-approved buyers seriously. Pre-approval letters typically expire in 60-90 days. Most buyers should get pre-approved before house hunting — making offers without one in competitive markets is essentially impossible.
Weeks 2-8 (or longer): House hunting
House hunting takes as long as it takes. A pre-approved buyer with a defined budget and target neighborhood typically finds a home within 2-12 weeks, depending on market inventory. Hot markets may require 10+ offers; soft markets one or two.
Make offers with your pre-approval letter and earnest money (typically 1-3% of price). Negotiate the price, contingencies, and closing date. Once your offer is accepted and signed, the clock starts on a 30-45 day closing timeline.
Days 1-3 after acceptance: Application & disclosures
Within 3 business days of receiving your application, the lender must provide your Loan Estimate. Review every line. Sign disclosures and intent-to-proceed within 10 days to keep your rate lock active.
Choose your homeowners insurance company at this stage. Order the home inspection (you typically have 7-14 days under standard contract). Confirm the title company. Your loan officer will coordinate appraisal ordering.
Days 7-21: Inspection, appraisal, underwriting
Home inspection: a licensed inspector reviews the home and issues a report (typically 30-80 pages). Negotiate repairs or credits with the seller based on findings.
Appraisal: the lender orders an independent appraisal (typically $600-$800, paid by you upfront). The appraiser visits the home and produces a value report. If value comes in lower than the contract price, negotiate the contract price down, bring more cash, or use the appraisal contingency to walk away.
Underwriting: the lender's underwriter reviews your file in detail. They may request additional documents (letter of explanation for credit items, more bank statements, additional income docs). Respond fast — delays in conditions extend the closing timeline.
Days 21-30: Conditional approval, then clear-to-close
Conditional approval means the underwriter has approved the loan subject to satisfying some final conditions. Common conditions: updated pay stub, verification of employment, proof of homeowners insurance, final HOA estoppel letter.
Once all conditions are cleared, the loan is 'clear to close' (CTC). The lender prepares the final loan documents and the Closing Disclosure (CD). By law, you must receive the CD at least 3 business days before closing.
Closing day
At closing, you'll sign 30-50 pages of documents (the promissory note, deed of trust, closing disclosure, escrow instructions, etc.). Bring your government ID and a cashier's check or wire confirmation for your cash-to-close.
Once everything is signed and the seller has signed their docs, the title company records the deed at the county recorder. Some states fund and record same-day; others fund the next day. You get the keys when funding completes — sometimes that day, sometimes the next.
Frequently asked questions
How long is the typical mortgage process?+
From accepted offer to closing day, expect 30-45 days. From first call with a lender to closing, expect 60-75 days including house hunting time. Pre-approval alone can be done in 1-3 days if you have your documents ready. Cash purchases and refinances can close faster (15-30 days).
What can delay closing?+
Most common delays: appraisal coming in low, underwriting conditions taking time to satisfy, title issues (liens, ownership disputes, missing heirs), HOA documentation delays, homeowners insurance not bound in time, and last-minute employment changes. Respond to your lender's requests immediately to keep things moving.
Can I make big purchases during the process?+
No. Avoid opening new credit accounts, financing furniture, taking out auto loans, or making any large credit card purchases between application and closing. Lenders re-pull credit shortly before closing and any major changes can void your approval. Wait until after closing to buy new appliances or furniture.
What if my financing falls through?+
Your purchase contract typically includes a financing contingency that gives you a deadline (usually 21-30 days) to secure financing. If your loan is denied, you can usually back out and recover your earnest money. If you waived the financing contingency, you may lose earnest money or be forced to find alternative financing.