The Loan Process, Week by Week

A conventional purchase loan takes 21 to 30 days from accepted offer to funding on a typical file. VA and FHA are the same when the file is clean. The single biggest predictor of hitting the shorter end of that window is having full documentation submitted in week one.

The process runs on four milestones: application and disclosures, appraisal and title, underwriting to Clear-to-Close, and closing. Everything else is a subtask under one of those four.

Within 3 business days of receiving a complete application (name, income, SSN, address, property, loan amount, and estimated value), the lender must issue a Loan Estimate. This is the document you use to compare lenders and lock in fees at the quoted level.

You'll also sign initial disclosures - dozens of forms covering everything from privacy to servicing. It's a lot of pages; most are pro forma. The document request will land at the same time.

Once disclosures are in and the application fee for the appraisal is paid, the lender orders the appraisal and title work. In parallel, an initial underwriter reviews the file for completeness - this is where the first round of conditions usually surfaces.

Appraisals typically come back within 5–10 business days in most markets. Title work is faster but can hit snags on complex chain of title (probate, quitclaim history, HELOCs to release).

Underwriting reviews everything: your income calculation, credit, assets, appraisal, and title. The typical outcome is a Conditional Approval - 'we'll approve this loan once we get X, Y, and Z more items.' The list is called 'conditions', and clearing them is what week 3 is mostly about.

Common conditions: a source-of-funds letter for a large deposit, a signed gift letter and donor statement, a verification-of-employment call, an updated pay stub if the previous one aged out, an HOA questionnaire, an insurance binder with the mortgagee clause set correctly.

Once every underwriting condition is satisfied, the file is marked Clear to Close. This is the moment the loan is fully approved. From CTC, the file moves to the closing department to prepare final documents and coordinate with the title company.

At CTC, the lender is also required to re-verify a few items - a soft credit pull to confirm no new debts, a final verification of employment. This is why we tell borrowers not to open credit or change jobs during the process.

Federal law (TRID) requires the Closing Disclosure to be received by you at least 3 business days before signing. This clock is non-negotiable - if the CD needs to be revised for a material change, the 3-day window can restart.

That's why the last 5–7 days of the timeline aren't waste. They're the CD delivery, review, and required waiting period. Rushing the CD is how loans get delayed, not accelerated.

Closing itself takes 45–75 minutes. You'll sign the note (your promise to pay), the deed of trust (security interest), the Closing Disclosure, and the initial escrow statement, plus 20–40 additional pro forma documents. Bring your ID and any cash-to-close instructions from the title company.

Purchase funding usually happens same-day. Refinances have a mandatory 3-business-day right of rescission on primary residences - funding happens on the fourth business day after signing.

Delays are rarely mysterious. Almost every one comes from a short list.