Step 11: Complete Your Loan Application and Get Your Loan Estimate
Turn the pre-approval into a full application on this property and review your Loan Estimate.
Your pre-approval was for a buyer. Now the lender underwrites this buyer and this home. Complete the full loan application with the property address and the ratified contract.
The Loan Estimate
Within 3 business days of a complete application, the lender must send a Loan Estimate, a standard three-page form required by federal TRID rules. It shows:
- Loan amount, rate, monthly payment and whether the rate is locked
- Estimated closing costs, item by item
- Estimated cash to close
- The APR and total interest over five years
Because every lender uses the same form, Loan Estimates are easy to compare line by line.
Intent to proceed
Lenders can't charge most fees (other than a credit report fee) until you give your intent to proceed after receiving the Loan Estimate. The appraisal is usually ordered after that.
Documents you'll be asked for
- Updated pay stubs and bank statements
- Verification of employment; your employer will be contacted
- Asset verification for your down payment and reserves
- Letters of explanation for large deposits, credit inquiries or gaps
- Homeowners insurance information (see Step 16)
Upload documents as soon as you're asked. Most closing delays come from missing paperwork.
Next: lock your rate.
Your next move, by loan program
- Conventional: Conventional files often qualify for appraisal waivers or reduced documentation when the automated findings allow it. Finish my application
- FHA: Your FHA case number is ordered now. It ties the appraisal and loan together. Finish my FHA application
- VA: Confirm your Certificate of Eligibility is in the file and say whether you're exempt from the funding fee. Finish my VA application
- USDA: List every adult in the household. USDA income limits count total household income. Finish my USDA application
- Jumbo: Expect to provide full tax returns and statements for every account, including retirement. Finish my jumbo application
- Investor: DSCR lenders want the lease or a market rent schedule, entity documents for an LLC, and proof of reserves. Finish my investor application