Our Homebuying Process:
8 Essential Steps

If you're planning to finance your home purchase, getting pre-approved for a mortgage is a good place to start.

A mortgage pre-approval helps you understand how much you may qualify to borrow, which loan programs may be available, and what price range you may want to consider.

At Lock It Mortgage, we'll review your financial information and supporting documents to help identify potential financing questions early, before you've found a home.

No. You can start exploring homes before getting pre-approved, but having a pre-approval letter can make your home search more productive.

It helps you understand your potential borrowing range and gives your real estate agent a better idea of the homes that may fit your budget.

When you're ready to submit an offer, a pre-approval letter can also help demonstrate to the seller that you've already started preparing your financing.

Keep in mind that the amount you qualify to borrow isn't necessarily the amount you should spend. Your monthly budget and other financial goals matter too.

Mortgage pre-approval letters commonly remain valid for around 30–60 days, although the exact timeframe depends on the lender and your situation.

If your home search takes longer, you may need to update certain financial documents or have your credit information reviewed again.

Changes to your income, employment, credit, or monthly debts can also affect your pre-approval.

If your letter is approaching its expiration date, contact us. We'll help determine what information needs to be updated so you're ready when you find a home.

Once the seller accepts your offer and the purchase contract is signed, we'll help you move forward with your mortgage application.

We'll confirm your loan information, review any updated documents, and prepare your loan package for submission to the selected lender.

The lender will then process and underwrite your loan. Other important parts of the transaction, such as the appraisal, title review, and homeowners insurance, may move forward at the same time.

We'll coordinate with the parties involved and let you know when something needs your attention.

The documents you'll need depend on your employment, income, assets, and selected loan program.

Most borrowers can expect to provide proof of income, employment information, bank statements, identification, and details about their financial obligations.

For example, someone earning a regular salary may provide pay stubs and W-2 forms, while a self-employed borrower may need tax returns and additional income records.

We'll review your situation and let you know which documents apply to you. We may also request updated information as your loan progresses, depending on the lender's requirements.

A mortgage pre-approval is an initial review of your financial situation to help estimate how much you may qualify to borrow.

At Lock It Mortgage, our in-house team conducts a preliminary review of your financial information and supporting documents to help identify potential issues early.

However, pre-approval is not a guarantee of final mortgage approval.

After you find a home, the selected lender must complete its formal underwriting process, review the home and loan details, and verify that all applicable requirements have been satisfied.

Final approval comes from the lender after completing the necessary reviews and conditions.

A Loan Estimate (LE) is a standardized document that outlines important information about a mortgage you're considering.

It shows the proposed loan amount, interest rate, estimated monthly payment, closing costs, and other loan terms.

For covered mortgage applications, the lender generally provides a Loan Estimate within three business days of receiving the required application information.

We'll help you understand the figures and answer any questions about your loan options.

You can expect to receive your Closing Disclosure at least three business days before closing.

This document outlines your mortgage terms, monthly payment, closing costs, and the amount you'll need to bring to closing.

Take time to review it and compare the details with your most recent Loan Estimate. If you notice any unexpected differences, let us know so we can help you understand them.

Some figures may be updated before signing. We'll work with the lender and settlement company to help confirm your final closing figures.

An appraisal and a home inspection serve different purposes.

A home appraisal helps the lender determine the home's value for the mortgage transaction. Depending on the loan program, the appraisal may also address certain property-condition requirements.

A home inspection is generally arranged by the buyer to evaluate the home's condition and identify possible maintenance, safety, or repair concerns.

An appraisal does not replace a home inspection.

If you're buying a home, discuss inspection options and important deadlines with your real estate agent. We'll help you understand the lender's appraisal requirements and coordinate the process when an appraisal is needed.

Underwriting is the process the lender uses to determine whether your mortgage application meets its lending requirements.

The underwriter reviews your financial information, supporting documents, credit history, and details about the home you're purchasing.

They may verify your income, employment, assets, and other information before making a decision.

Depending on the findings, the lender may issue conditional approval, request additional information, or make another underwriting decision.

We'll stay in contact with the lender and help you understand any requests that come up during the review.

The initial underwriting review typically takes 1–3 business days.

After the initial review, the lender may request additional documentation or need outstanding appraisal, title, or other information before the loan can receive final approval.

We'll monitor the progress, follow up with the lender, and help you complete any additional requirements.

It's common for a lender to request more information during underwriting, even if you've already provided documents during pre-approval.

For example, the lender may need a recent bank statement, updated proof of income, or clarification about a deposit or transfer.

These requests help the lender verify information and confirm that the loan meets its requirements. Receiving an additional document request does not automatically mean there's a problem with your application.

We'll explain what the lender needs, help you gather and review the correct information, and coordinate its submission.

Approved with conditions, also called conditional approval, means the lender has reviewed your mortgage application and identified requirements that must be satisfied before final approval.

These conditions may involve updated financial documents, clarification of information already provided, or outstanding requirements related to the home.

Conditional approval is an important step forward, but it is not the same as final loan approval.

We'll explain the remaining conditions, help you prepare the requested information, and follow up with the lender until the necessary requirements are cleared.

Approved with conditions, also called conditional approval, means the lender has reviewed your mortgage application and identified requirements that must be satisfied before final approval.

These conditions may involve updated financial documents, clarification of information already provided, or outstanding requirements related to the home. Conditional approval is an important step forward, but it is not the same as final loan approval.

We'll explain the remaining conditions, help you prepare the requested information, and follow up with the lender until the necessary requirements are cleared.

Clear to Close means the lender has completed the required reviews and cleared your loan to proceed toward closing.

This is one of the final milestones in the mortgage process.

At this stage, we'll coordinate with the lender and settlement company to help finalize your closing arrangements, including the signing date and remaining closing requirements.

Although the loan has been cleared for closing, certain final closing or funding steps may still need to be completed.

The appropriate time to lock your mortgage rate depends on market conditions, your loan options, and your expected closing date.

At Lock It Mortgage, we'll monitor mortgage rates daily, keep you updated on available options, and help you understand when it may make sense to lock.

You may be able to lock your rate before receiving conditional approval.

We'll explain the available rates, pricing, and rate-lock periods so you can make an informed decision. Once you've decided to lock, we'll coordinate the rate lock directly with the selected lender on your behalf.

A Locked Loan Estimate, sometimes called a Locked LE, is a Loan Estimate showing the interest rate that has been locked with the lender.

If your rate is locked after your original Loan Estimate was issued, the lender generally provides an updated Loan Estimate reflecting the locked interest rate and any applicable changes to rate-related charges or terms, provided the Closing Disclosure has not already been issued.

You may be asked to electronically acknowledge receiving the updated document. We'll help you review the information, confirm that it reflects the agreed rate-lock details, and complete any required acknowledgment.

Acknowledging receipt of a Loan Estimate does not, by itself, mean your mortgage has received final approval or that you're obligated to complete the loan.

You may be able to change jobs while buying a home, but it's important to talk with us before making the change.

Lenders review your employment history, income, and how you earn that income when determining mortgage eligibility.

Changing employers, becoming self-employed, or moving to a different compensation structure may require additional documentation or affect how your income is evaluated.

Let us know about any planned changes so we can help you understand how they may affect your financing or closing timeline.

It's generally better to avoid opening new credit accounts until your mortgage has closed unless you've discussed the situation with us.

Applying for a new credit card can result in a credit inquiry, and new balances or required payments may affect your credit or debt-to-income ratio.

Lenders may review your credit again before closing, so changes made after pre-approval can still matter.

If you need to open an account or finance a purchase, talk with us first. We'll help you understand whether the change could affect your mortgage application.

The amount depends on your down payment, closing costs, prepaid expenses, escrow requirements, earnest money already deposited, and any applicable credits or adjustments.

Your Closing Disclosure will show the Cash to Close amount for your transaction. We'll help you review the figures, and your settlement company will confirm the final amount and payment instructions.

Depending on your closing arrangements, funds may need to be provided through a wire transfer or another accepted payment method.

Always verify wiring instructions directly with your settlement company using a trusted phone number before sending money. Be cautious about unexpected emails or last-minute changes to payment instructions.

Once you're under contract, a typical mortgage closing may take approximately 21–45 days, depending on your loan and the parties involved.

Some well-prepared transactions can close sooner, while others may take longer because of lender reviews, appraisal issues, document requests, or title and closing requirements.

Getting pre-approved before making an offer can help you prepare your financial information earlier in the process.

We'll work with the lender and settlement company to keep you informed of important milestones and anything that could affect your closing date.

Closing day is when you review and sign the documents needed to complete your home purchase and mortgage transaction.

Depending on your state, the signing may be coordinated by a title company, escrow company, closing attorney, or another settlement professional.

You'll review the documents, confirm your mortgage details, and complete any remaining closing requirements.

Take your time before signing and ask questions if something is unclear.

We'll remain available for mortgage-related questions while your settlement professional helps coordinate the closing and funding arrangements.

The timing depends on your purchase agreement, state requirements, loan funding, and any applicable recording or possession arrangements.

In some transactions, buyers may receive their keys on closing day. In others, additional steps must be completed before the keys can be handed over.

Your real estate agent will help coordinate the key handoff once the necessary closing requirements have been completed and the agreed arrangements allow it.

Even after the mortgage documents have been signed, wait for confirmation before planning to move in.

At Lock It Mortgage, we can begin the initial pre-approval process using a soft credit pull.

A soft credit inquiry allows us to review your credit information without affecting your credit score.

When your mortgage application moves forward with the selected lender, a hard credit inquiry may be required to complete the application and underwriting process. A hard inquiry can affect your credit score.

We'll explain when a formal credit review is needed and what you can expect as your application progresses.

During your mortgage application, you may receive documents that require electronic acknowledgments or signatures.

Some disclosures explain your proposed loan terms, estimated costs, privacy notices, or other important mortgage information.

Depending on the document, an electronic signature may confirm that you've received it, authorize certain actions, or document your decision to proceed with an application.

Not every disclosure requires a signature, and acknowledging receipt does not necessarily mean you've accepted the loan terms.

If you expect to be out of town around your closing date, let your Lock It Mortgage loan officer know as early as possible.

Depending on your loan program, lender, and state requirements, we can help coordinate available signing options, which may include:

• Signing at another location: Arranging for an approved mobile notary or settlement professional where you'll be staying.
• Remote online notarization: Signing eligible documents remotely when permitted.
• Power of Attorney (POA): Allowing an authorized person to sign certain documents on your behalf, subject to lender approval and applicable requirements.

Not every signing option is available for every mortgage. Certain loan programs or transaction types may have additional restrictions.

We'll work with the lender and closing agent to review your options and help coordinate an acceptable signing arrangement. Letting us know ahead of time can help prevent unnecessary closing delays.