You will likely have 2-3 calendar days to submit your completed loan application to your lender. It is imperative you do so.
Remember, time is of the essence. There will be a lot for you to do in the next six-to-eight weeks… and there will be a lot for your loan officer or mortgage broker to do, as well. They will need to get started as quickly as possible.
They will need to confirm you qualify for the loan program and loan limits for which you were pre-qualified. They will need additional documentation from you. They will need information about the property. They will need to pull your credit report, not once but twice. They will need to order an appraisal. They will need to confirm your financial information (job, income, debt, etc)… and then re-confirm all of that information again, just before closing.
They will need to coordinate efforts with both your realtor and title company. And then your loan officer / mortgage broker will submit all of that information to the lender’s underwriting department… and wait for a decision.
Within three days of submitting your completed mortgage application, your loan officer / mortgage broker will provide you with a “loan estimate”. The estimate is a three-page form that provides you with specific, required details about your prospective loan, including the interest rate, estimated monthly payment, and closing costs for the loan. It also provides information about the estimated taxes and insurance for your property, and whether the loan has any special features you need to be aware of (ie, a pre-payment penalty). The form is designed to help you understand the terms of the mortgage loan you’ve applied for… and the form is standardized to make it easier for you to compare loan terms from different lenders and different loan programs – to help you choose the one that is right for you.
Remember, it is critical you keep in close communication with your mortgage broker throughout the process to ensure all required documentation is provided to the lender in a timely manner… and to ensure you choose the right mortgage for you.