Fill Out mORTGAGE APPLICATION
You have researched lenders and got pre-approvals so now it’s time to choose the finalist that you will actually borrow the money from
rEVIEW LOAN ESTIMATES
Applying to more than one lender has given you options. Now use your Loan Estimate forms to compare terms and costs:
Total cost in five years.
Principal paid in five years.
Percent paid in interest.
cHOOSE a LENDER
You’ve compared lenders’ rates and fees. Now assess their responsiveness and trustworthiness.
Think twice about anyone who makes you feel pressured, Burrage says. His advice: “Go with someone you can trust.”
lOAN procesing & UNDERWRITING
Every statement you made on your mortgage application goes under the microscope in this stage. Brace for questions and document requests. Responding promptly keeps everything moving forward.
lOAN IS CLEAR TO CLOSE
In this final step, the lender must act before the borrower can move forward.
With time to spare (hopefully) before your closing date, you hear from the lender with happy news: “You’re cleared to close!”