A mortgage feels simpler when you know what each stage is designed to accomplish. RFG organizes the process around early preparation, realistic payment planning and clear communication with you and your real estate professional.
1. Goals and financial discovery
Before calculating a maximum loan, define the desired payment, timing, property type, available cash and plans for the next several years. This gives the numbers context.
2. Application and documentation
The application captures employment, income, assets, liabilities, housing history and property goals. Supporting documents allow the information to be evaluated accurately.
3. Credit and preapproval review
Credit, qualifying income, funds and program rules are reviewed. A preapproval is conditional—not a guarantee—and should be updated when the property, price or financial situation changes.
4. Contract and disclosures
After an accepted offer, the property and contract details are added. Required disclosures summarize the proposed loan, estimated costs and other important information.
5. Appraisal, title and insurance
The appraisal supports the collateral review; title work checks ownership and liens; insurance must satisfy borrower and lender requirements. None of these replaces a buyer’s independent home inspection.
6. Underwriting and conditions
An underwriter evaluates the complete credit, income, asset and property file. Conditions may request clarification or updated documentation before final approval.
7. Closing Disclosure and final review
The Closing Disclosure shows final loan terms and closing costs. For most covered mortgages, it must be received at least three business days before consummation.
8. Closing and first payment
At closing, documents are signed and verified funds are delivered through the approved method. Keep the final package and confirm where and when the first payment must be made.
Published by The Rice Financial Group. Reviewed August 4, 2026. Mortgage requirements change; confirm current guidance for your transaction.