Borrower submits initial basic documents, file is reviewed for initial approval, then submitted to processing for verifications (income, assests, debts, etc.)

Processor works directly with borrower to provide any additional documents needed, processor submits file into underwriting for final approval

This document outlines the estimated terms and costs of your mortgage loan, including the interest rate, closing costs, and monthly payments.

The lender will order an appraisal of the property to determine its market value. This step ensures that the property's value is sufficient to support the loan amount.

The lender's underwriting team will review your application, documents, credit history, and the property appraisal to assess the risk and make a decision on your loan. They may request additional information or clarification during this process.

If the underwriter determines that your application meets the lender's criteria, you will receive a conditional approval. This approval is subject to certain conditions that you must meet, such as providing updated documentation or explanations for any discrepancies.

Once you've satisfied the conditions, the lender will proceed with loan processing. This involves verifying the information, rechecking your credit, and preparing the necessary paperwork for closing.

File is submitted into closing 

After closing, you'll begin making monthly mortgage payments according to the terms of the loan. The repayment period can span several years, depending on the agreed-upon loan term.