After You Apply
After you apply for a mortgage, your lender will work with you to determine a settlement date. You may also want to lock in an interest rate at this time.
The Qualification Process
The next step is 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. Follow up with your lender to get the status of your application.
If you're turned down for a mortgage, ask why. By law, you should receive a written disclosure statement from the lender indicating the reason(s) your loan was turned down. Common reasons include too much debt or credit that needs improvement.
If you get turned down, talk with your lender and develop a plan. 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 the closing meeting. This is where all the documentation is completed, up-front costs are paid, the necessary papers signed and you get the keys to your new home.
