An Overview
Knowing what happens — and when — removes much of the anxiety from buying a home. This timeline outlines the major phases, from your first conversation with a loan officer to the day you receive your keys. Use it to set expectations for timing and to know what to focus on at each stage.
Phase 1 - Pre-Approval (Weeks 1–2)
Pre-approval is your first real step. You will submit a loan application and documents (income, assets, ID), and your loan officer will review your file and issue a pre-approval letter stating how much you can borrow. This letter sets your shopping budget and signals to sellers that you are a serious buyer. Expect this phase to take a few days once your documents are in.
- Submit a loan application with income, asset, and ID documents
- Receive a pre-approval letter stating your approved amount
- Use the letter to set your shopping price range
- Keep your finances stable — no new credit or large deposits
Phase 2 - House Hunting (Weeks 2–8)
This phase varies the most — some buyers find a home in a weekend, others take months. Work with a real estate agent who knows your target neighborhoods and budget. When you find the right home, your agent helps you structure a competitive offer with price, contingencies, and timeline. Once your offer is accepted, you deposit earnest money and the loan process formally begins.
- Tour homes within your pre-approved range
- Make a competitive offer with appropriate contingencies
- Deposit earnest money into escrow once accepted
- Notify your loan officer the moment you are under contract
Phase 3 - Under Contract (Weeks 1–3 of Contract)
After your offer is accepted, the lender orders an appraisal and moves your file into formal underwriting. Underwriting verifies your income, assets, credit, and the property itself. This typically takes 2–4 weeks. Respond to any requests for additional documents within 24 hours — delays here are the most common cause of pushed closing dates.
- Lock your interest rate with your loan officer
- Lender orders appraisal and title work in parallel
- Underwriting verifies your file and the property
- Respond to document requests within 24 hours to stay on schedule
Phase 4 - Clear to Close & Closing Day
Once underwriting signs off, you are 'clear to close.' Your Closing Disclosure is issued at least three business days before closing, showing your final numbers. Review it carefully and compare it to your Loan Estimate. On closing day, you will sign final documents, fund the loan (typically by wire), and receive your keys.
- Clear to close — underwriting gives final approval
- Review your Closing Disclosure at least 3 days before closing
- Arrange your cash-to-close via wire or cashier's check
- Bring a photo ID to the signing
- Sign, fund, and receive your keys
