Within a few days after your offer is accepted, you will need to fill out a formal loan application with your lender, which will include an application fee that covers several closing costs. You provided much of the required information when you got preapproved for your loan, and the lender will update that information, possibly run a new credit report and gather some additional documentation from you. This is also the time when you will apply for a homeowner’s insurance policy, which we can help you select.

After you get the loan process rolling, your lender will start working to put things together behind the scenes and start the escrow process. They will order an appraisal of the property, which is an assessment of the value by a neutral party. They will also secure a title policy showing that the property is free of liens or other clouds on the title. The loan process can take anywhere from a week to 45 days, depending on your chosen closing date. Once your loan is fully approved, the lender sends the entire loan documentation to the escrow agent.