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The loan process
To qualify for your mortgage, your lender will gather financial information about you through:
Application
This also addresses fees and down payments, and you will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs of the loan.
Documentation
You will be asked to provide certain documents to your lender and your lender will order a credit report.
Loan submission
Your file is then submitted to an underwriter for approval.
Loan approval (Underwriting)
This takes 24 to 72 hours. You are then notified of the approval and any loan conditions.
Closing
Once you, the seller and others have signed the loan documents, the paperwork goes back to the lender and monetary exchange is arranged. You’ve finished the loan process and purchased your home!© Prudential Site Map | Privacy Policy
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Equal Housing Opportunity.
All agents licensed in North Dakota and Minnesota. Member, National Association of REALTORS®, Fargo Moorhead Area Association of REALTORS®, Home Builders Association of Fargo and Multiple Listing Service®.
The Prudential rock and logotype are registered service marks of The Prudential Insurance Company of America.
Equal Housing Opportunity.
All agents licensed in North Dakota and Minnesota. Member, National Association of REALTORS®, Fargo Moorhead Area Association of REALTORS®, Home Builders Association of Fargo and Multiple Listing Service®.