Basic Overview of the Financing Process

Please note that while the outline below properly illustrates the different stages of the financing process, every lender has different requirements and every borrower has a different financial background. This is intended to be a general guide, and not all the information listed will apply to everyone.

There are four stages in the mortgage process. Each stage can take anywhere from one to two weeks depending on the type of property, borrower financial profile, and title/closing office.

Stage 1: Initial Review

Stage 2: Conditional Approval

Stage 3: Final Approval

Stage 4: Preparing for closing

Until recently the typical processing time for a mortgage was 30-45 days. Now with the new laws average processing time is within 45-60 days. Some lenders are able to process sooner depending on how quickly borrowers return conditions and how quickly the title office can provide what is needed. Always contact your agent for guidance if additional information is needed.

Basic Overview and Lender Requirements Download Here.