The Loan Approval Process
After you submit the application to your mortgage lender, the review and approval process begins. In general, you can expect the lender to:
- Verify your initial application information and documentation.
- Ask you follow-up questions or request additional information and documentation, as needed.
- Make a conditional loan commitment once you satisfy all questions, documentation requirements, and any other conditions. Remember that most mortgage loans are conditionally approved until the funds are disbursed at the home’s legal closing.
- Pull your FICO score a final time shortly before your closing date. If nothing has changed, the lender sends the mortgage packet to your closing attorney.
Until the final mortgage package is sent, the lender can re-verify credit, income, assets and employment at any time. The lender may even cancel the loan if there are significant adverse changes to your qualification status.