What To Expect During The Mortgage Process

Buying a house can be confusing! And most people only purchase a house a few times in their life... you don't have to feel stuck!

My goal is for you to feel comfortable and confident when buying a home and going through the mortgage process.

During the mortgage process, you'll run into 8 key steps:

1. Complete Application: You'll fill out a client questionnaire and submit documents to verify your income and assets. You'll receive a pre-approval up to a certain purchase price so you know exactly the homes you can afford when you shop.

2. In Process: The loan originator or processor might ask for a couple more documents. The goal is to make your loan file as clean as possible before submitting to an underwriter. Also, you'll receive disclosures that detail every aspect and cost of your loan.

3. Appraisal: The appraisal is ordered and paid for up front (usually around $500). The appraiser will schedule a time to inspect the property and give their valuation. You'll receive a copy of the appraisal once it's complete.

4. Underwriting: An experienced underwriter will view your loan file and make sure that it meets federal guidelines for whatever mortgage type you're applying for.

5. Loan Approval: The underwriter will issue a "conditional approval". Essentially, this means that the loan is approved as long as a few conditions are met. This is completely normal. Mainly, conditions are things like a completed appraisal, satisfactory homeowner's insurance, and any missing documents the underwriter needs.

6. Closing Disclosure: The Closing Disclosure will detail the features and costs of your loan, just like the Loan Estimate, but the Closing Disclosure will have more accurate fees. The initial Closing Disclosure is still an estimate, but the title company will issue a final Closing Disclosure that has the exact fees.

7. Clear To Close: Once all conditions are met and the Closing Disclosure is signed, the underwriter will issue a clear to close! This means that everything is fully complete with the loan. Take a breath! Closing will get scheduled.

8. Loan Funded: After you sign the final closing documents, you're a homeowner! You'll get the keys and the rights to the property!

Buying a house is so much easier and enjoyable when you understand what's going on in the process.

My goal is to ensure that you are confident and comfortable during the entire process.

If you have any questions, or would like a copy of the mortgage process PDF, you can contact me at:

0:00 What To Expect During The Mortgage Process
0:26 Mortgage Process
0:38 Complete Application
1:43 Loan process
2:05 Appraisal
2:31 Underwriting
4:29 Conditional Approval
5:08 Closing Disclosure
5:44 Clear to close
6:00 Loan Funded

Equal Housing Opportunity
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[danielmisgana]

Quick question; at what point can I back out? And what fees would I incur? I am at the underwriting stage before approval.

[mztrulyblessed]

Can Iplz have the pdf you were explaining this was very helpful

[eutemiodango]

Can I backout from loan mortgage process?

[KENNETHCALHOUN]

Just submitted all of my 'conditions', took me 5days . Lender just submitted to underwriting for CTC this morning, hopefully i get the final approval and CTC within the next few days!! Im soo anxious!!!

Great info man

[wolfcloud]

So basically they make it so annoying and difficult no one can get a house.... America sucks so bad...

[johnsmythe]

This was EXTREMELY helpful and easing. Thanks.

[donavinh]

When will you find out your official offered interest rate? Im wondering because thats a deal breaker for me

[d.m]

can you get a loan approval beafore getting the property appraisal report ?

[nolaonyt]

Thank you x 10. This is not a process for the faint, but having a fundamental understanding of the steps takes the edge of stress:)

[redciroc]

Whats the approx time frame on this whole process

[terranhealer]

Do I as the buyer get a home inspection at or around the same time as the appraisal?

[kov]

That is why people like me are terrified to buy a f. House.
For who you made this video? Exactly! For ppl whi know already the terms. You drop terms and words that we don't understand bro. U make me mad with this pro video... BS

[PrincessMelody]

Should the survey be ordered after the appraisal just in case theres friction with the seller to save the buyer money and time?

[Autumn-mjmq]

Helpful! But when exactly do we submit the bank statements ?
There’s some cash deposits in there and if I wait a couple of days, then it won’t show up on the upcoming bank statement ?

[Autumn-mjmq]

Super helpful!
My question is when exactly do we give the downpayment and closing cost fees?

[chrishardy]

Best flow chart ever. I got my conditional approval today... I know this is not the finish line - but a step in the right direction. You've helped alot in the process.

[flavaho]

I appreciate your videos SO much! I've been binge watching your videos as my husband and I are looking to purchase a new home. My question to you is, we plan on cashing out stocks to use as a down payment. How does that look to a lender? Is there any issue with that?

[gingerdavis]

Shouldn't there be a home inspection before you pay for an appraisal? I wouldn't want to pay for an appraisal if there is a major problem like mold or foundation or septic system issues.

[jamdungkorna]

Hey, At what point do they usually ask for a employment verification form? Would that determine if you get the loan or not?

[tomicasreview]

We got conditional approval the week before Christmas, the appraisal came back last week low, the sellers decided drop to appraisal price but we haven't heard anything since, is that normal, I am super nervous 😬