After you’ve found the house you want to buy, your agent (or in some states, your lawyer) will help you write up an offer. Once your offer has been accepted, you will need to apply for a loan, normally within 5 to 10 days, depending on the terms of your contract. The approval process can be completed fairly quickly with the increased usage of computers, but will normally take 30 to 45 days, based on the normal time frame to get to settlement (closing). It is generally a good idea for your loan approval deadline to be about two weeks before your settlement date, so that you know for certain that your loan has been approved prior to settlement.

Your loan officer should tell you what documents you need to bring to the application. Be prepared to bring recent pay stubs, a copy of last year’s tax return and a copy of your sales contract.

Are You Qualified to Buy?

Financing Options and Types of Loans

Financing Vocabulary