Mortgage Timeline from Start to Finish

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  • From loan application to closing, we walk you through what you can expect and what will be expected of you during the mortgage process.

    Step by Step thru the Mortgage Process

    Day 1.  Meet with your Mortgage Pro and apply for a mortgage.  See What Will a Mortgage Pro Need from Me?

    Day 3.  You’re preapproved!  Before writing an offer, be sure to ask your Mortgage Pro how long they need to close the loan.

    Day 6.  You find the home of your dreams & write an offer on it.  See How to Write an Offer on a House.

    Day 8.  Your offer is accepted . . . Congratulations!

    Day 9.  Order your home inspection & any other inspections you choose.  See What to Inspect When you’re Inspecting.

    Locking in your interest rate means you’re guaranteed that rate, so do it as early as possible to avoid surprises.

    Day 10.  Lock in your interest rate with your Mortgage Pro.

    Day 14.  Home inspection completed. Time for your Buyer’s Agent to help you through negotiating repairs.  See Negotiating Home Repairs.

    Day 16.  Your Mortgage Pro orders the appraisal.  See All About Home Appraisals.

    Day 19.  Time to order Homeowner’s Insurance from your insurance agent. Also called “Hazard Insurance” or “Fire Insurance.”

    To be sure everyone stays on track, contact your Mortgage Professional every 3-4 days during the mortgage process to see if anything is needed from you.

    Day 20.  The appraiser visits the home to estimate it’s value.

    Day 23.  Appraisal is completed.

    Day 25.  Your Mortgage Pro requests any final paperwork from you.  See Final Closing Steps.

    Day 26.  Final loan review. The appraisal, income, & asset documentation is reviewed by loan underwriter.

    If your down payment is in investment accounts, it can take up to 10 days to get it out, so plan ahead.

    Day 29.  Final loan approval. Loan underwriter signs off on the loan and loan documents are ordered.

    Day 31.  Escrow officer or closing attorney calculates the costs & credits for all parties.

    Day 32.  Signing day. Bring in your cashier’s check to close the deal & sign all loan & closing documents.

    Day 34.  Congratulations, you’re a homeowner! The loan closes & the home is transferred into your name.

    Thinking of buying a home in the Portland, Oregon area? Checkout our First Time Home Buying Classes!

    Mortgage Timeline from Start to Finish, 4.2 out of 5 based on 9 ratings

    Choose a state from the drop-down menu for specific state information related to this lesson.


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