The mortgage process, step by step
Nine stages from your first letter to the keys. Here is what happens at each, and where files usually stall.
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The timeline
The timeline
Where the time actually goes
The mortgage process runs step by step in a fixed order. Skipping ahead is not possible, and each stage has its own failure mode.
Most of the total time sits between an accepted offer and closing, usually 30 to 45 days.
From letter to keys
The four stages that carry the most time
Most of the total time sits between an accepted offer and closing.
In order
Every stage
Get pre-approved
Verified income and assets, and a letter you can attach to an offer. About 90 seconds here, days elsewhere.
Shop for a home
Your letter lasts 60 to 90 days. If your search runs longer it is reissued with fresh data.
Make an offer
Your agent submits with the letter and earnest money. The listing agent often calls the lender to check it.
Offer accepted
Earnest money goes into escrow. Your financing contingency period starts running.
Full application
This is where the hard credit inquiry happens, and where documents are collected.
Inspection and appraisal
You inspect the property. The lender values it separately. A low appraisal is the most common reason a deal stalls.
Underwriting
The longest stage. Usually ends in conditional approval with a list of items to clear.
Clear to close
All conditions satisfied. Credit and employment are re-checked days beforehand.
Closing
Costs are paid, the loan funds, the deed transfers, you get the keys.
Where it goes wrong
The usual stalls
A low appraisal
The lender will not lend more than the house is worth. An appraisal contingency lets you renegotiate or walk away.
New debt during the process
A car loan changes your ratio and can unwind an approval days before closing.
A job change
Employment is re-verified at the end. Tell your loan officer before you move, not after.
Slow document returns
Conditions sit unresolved while everyone waits. Returning requests same day is the single biggest thing you control.
Large unexplained deposits
Every large deposit has to be sourced. Keep a paper trail.
An expiring rate lock
If the lock lapses the loan reprices, which changes your payment.
Your part
What speeds it up
Return documents the same day
The single biggest lever you have over the timeline.
Change nothing financially
No new accounts, no big purchases, no job moves until you have the keys.
Keep your loan officer informed
Surprises found by an underwriter cost more time than ones you disclose.
Ask about the condition list weekly
A shrinking list means progress. A growing one means ask why.
Questions
Common questions
How long does the mortgage process take?
Pre-approval takes about 90 seconds with Preqly. From an accepted offer to closing usually runs 30 to 45 days.
What is the longest part of the mortgage process?
Underwriting, typically two to three weeks. Most of that is waiting for conditions to clear.
What happens after my offer is accepted?
Earnest money goes into escrow, you complete a full application including a credit check, then the appraisal and underwriting follow.
What is clear to close?
The point where all underwriting conditions are satisfied and the loan is ready to fund. Credit and employment are re-checked just before.
What most often delays a closing?
A low appraisal, unresolved conditions, new debt taken on mid-process, or documents returned slowly.
Keep reading
Related guides
Mortgage pre-approval
The full guide to the letter and how to use it.
Buying a home
What you need in cash and how it runs.
Will I get approved?
Reading whether your file is on track.
Independent sources
- Consumer Financial Protection Bureau — the closing process and what to expect at each stage
See your real number
Verified income and assets, in about 90 seconds.
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