For buyers & agents1 min read
The mortgage process, start to finish
The four stages a purchase loan moves through, and who does what at each one: application, processing, underwriting, closing.
Application and pre-approval
You and your loan officer complete the application and review documentation. The result is a pre-approval you can shop with.
Under contract and processing
Once an offer is accepted, the file moves to processing. The processor orders the appraisal, collects remaining documents, verifies details, and assembles the file for underwriting. This is where the Dream Team's operations group does much of its work.
Underwriting and conditions
An underwriter reviews the complete file and typically issues a conditional approval: a list of items to verify or document before final sign-off. The processor and loan officer work the conditions with you.
Clear to close and closing
When conditions are satisfied, the file is clear to close. Final figures are prepared, the closing is scheduled with all parties, and you sign. The loan funds, and the home is yours.
This is the part where the team matters.
Processing, underwriting conditions, and closing coordination are handled by the operations group behind your loan officer. The team directory lists who those people are.
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Preparing for pre-approval
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This guide is general information, not financial advice, a quote, or loan terms. Program availability and qualification vary. ALCOVA Mortgage LLC, NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender.