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What to Expect at Every Step of Getting a Mortgage

April 28, 2025

Getting a mortgage might feel like a maze of paperwork, terms, and approvals, but don’t worry, we’re here to break it all down. Whether you're a first-time homebuyer or just need a refresher, this step-by-step guide will walk you through exactly what to expect at every stage of the mortgage process.

Before you start house hunting, you’ll want to get pre-approved. This step involves a lender reviewing your financial situation and determining how much they’re willing to lend you. To get pre-approved, you’ll need to provide:

Your lender will also check your credit score. If everything checks out, you’ll receive a pre-approval letter stating how much you qualify for, which shows home sellers that you’re a serious buyer.

Not all mortgages are created equal. Your lender will help you choose from options like:

Your interest rate will also depend on whether you choose a fixed-rate mortgage (same interest rate for the life of the loan) or an adjustable-rate mortgage (ARM) (a lower initial rate that changes over time).

Once you’ve found the home you want, your agent will help you submit an offer. If the seller accepts, it’s time to formally apply for your mortgage. This step involves:

Your lender will also order an appraisal to ensure the home is worth what you’re borrowing. If the appraisal comes in lower than expected, you may need to renegotiate with the seller or adjust your loan amount.

This is where things get technical. The lender’s underwriting team will do a deep dive into your financials, verifying everything from your employment history to your debts. They’ll also review the appraisal report and your credit history.

During this time, avoid making big financial moves like opening new credit cards, buying a car, or making large withdrawals. These could affect your mortgage approval.

If the underwriters have any questions or need more documentation, they’ll reach out. It’s crucial to respond quickly to keep the process moving.

If everything checks out, you’ll receive conditional loan approval, meaning your lender is ready to finalize your mortgage as long as any final conditions (like updated pay stubs or additional verification) are met.

Three days before closing, you’ll receive a closing disclosure. This document outlines your loan terms, interest rate, monthly payments, and closing costs. Review it carefully to ensure everything matches what you agreed upon.

On closing day, you’ll meet with a closing agent to sign all the final documents. Before you arrive:

Once you’ve signed everything, the lender funds your loan, and you receive the keys to your new home! 

At Ole South, we work with trusted lenders to make the mortgage process smooth and stress-free. Whether you're ready to buy or just exploring your options, we’re here to help. Please view our financing information. We make it as easy as possible to move into your dream home!