From application to the closing table

Pre-approval versus pre-qualification

Pre-qualification is a conversation. Pre-approval involves documentation and underwriting review, and carries far more weight with a seller. Ask your lender which you actually have.

Application to commitment

After attorney review concludes, you formally apply. Underwriting verifies income, assets, credit and the property. Your contract sets a deadline for a written mortgage commitment; if that date is going to slip, it has to be addressed in writing before it passes, not after.

Appraisal

The lender orders an appraisal to confirm value. If it comes in below the contract price, the parties renegotiate, the buyer covers the gap, or the deal ends according to the contract terms. This is a normal event, not a catastrophe.

Title and survey

The title company searches the chain of title, judgments and liens. A survey may confirm boundaries and improvements. Title insurance is issued at closing.

Insurance

You bind homeowners insurance before closing, and flood insurance if required. Coastal properties should be quoted early — availability and premium vary more here than inland.

Closing Disclosure and final numbers

Federal rules require your lender to provide a Closing Disclosure at least three business days before consummation. Read it against your Loan Estimate and ask about anything that moved.

Final walkthrough

Usually within 24 hours of closing. You are confirming the property is in the condition agreed, agreed repairs were made, included items remain, and systems work.

Settlement

Funds are wired, documents signed, the deed recorded, keys transferred. Wire fraud warning: criminals impersonate attorneys, title companies and agents by email to redirect closing funds. Always verify wire instructions by phone using a number you already had — never a number or link contained in the email itself.