After You Apply

After you apply for a mortgage, you will work with your lender to determine a settlement date. You may also want to lock-in an interest rate at this time.

The Qualification Process

After you have completed the mortgage application, your lender will begin the qualification process. Your lender will review your application and decide whether or not to approve it. Be sure to answer any questions quickly and honestly. If you do not hear from your lender within 2 business days, follow up with him or her to get the status of your application.

If you're not approved for a mortgage, ask why. By law, you should receive a written disclosure statement from the lender indicating the principal reason(s) your loan was not approved. Two of the most common reasons are because a borrower has too much debt or credit that needs improvement.

Be sure to talk with your lender and develop a plan that will help you qualify for a mortgage at a later date. You may try to qualify for a smaller mortgage or reapply after you've paid off some of your debt.

Closing Meeting

The final step in the mortgage process is attending your closing. This is when you will review and sign all of the final loan and legal documents and walk away with the keys to your new home.