What To Expect During The Mortgage Process

So you’ve decided to buy a new home — congratulations! You may wonder what’s going to happen next. Or worry that if you forget to send a document or make a call, you’ll derail the process. The good news is, you're surrounded by professionals who've been through this before. But just in case you’re looking for backup, we’ve assembled the steps you can typically expect and what you’ll need to do. Whether you’re at the start of this journey, or nearing its end, we hope this guide will help you feel ready and at ease.
Table of Contents - click on any step below to learn more.
Step 1: Application
Step 3: Processing
Step 4: Appraisal
Step 5: Underwriting
Step 6: Approval

Your loan officer is always available but there some other key people clients communicate with during the loan process.
Erin the Expert's Mortgage Team is focused on a high-tech and high-touch model that leverages technology and personal interaction to provide a seamless experience and high level of service for clients and their agents. With Erin’s guidance she and her Team make an otherwise overwhelming process as smooth and stress-free as possible.
Erin Carvelli, Team Lead
Erin is an industry veteran and is known as "Erin The Expert" for her ability to dissect and structure loan scenarios that others said could not be done. As Team Leader, she leverages her knowledge and experience to provide exceptional guidance and personalized service for her clients and their agents.
908-489-4658 | erin@greenwaymortgage.com | NMLS#205141


SaraRose Christodoulou, Associate Loan Offier
SaraRose is a licensed loan officer and assists Erin with communicating with Clients early in the process. It is SaraRose's job to make sure all of Erin's clients receive excellent service and timely communication. She is also assisting Erin with collecting documentation and determining qualification.
732-503-2232 | sararose@greenwaymortgage.com | NMLS#1686268

You’ll need to gather a wide variety of information before applying for a home loan. This helpful checklist will give you an idea of what you may be asked to provide. Save time and avoid delays by having this information available.
  • Provide Documents Below
  • Pay stubs (last 30 days)
  • W2s (last 2 years)
  • Purchase Contract (all pages)
  • Copy of photo ID (must be legible)
  • Bank Statements (last 2 months, all pages)
  • Realtor & Attorney Contact Information 
  • Sign eDisclosures
  • Divorce decree and separation agreement (if applicable)
  • Copies of any down payment checks written to realtor/attorney, as they become available

When you decide to move forward with a loan, a lot will start to happen behind the scenes. At this stage, the loan file is turned into the processing department. The loan processor will immediately order your appraisal and begin to process your loan file.
Please be careful to avoid some common road blocks:
  • Don't make any large purchases (new car, furniture, etc)
  • Don't make any major life changes such as quitting your job, getting married, divorced, taking a vacation, etc 
  • Don't open up new credit of any sort - this can knock points off your credit score & delay closing
  • Don't make any random deposits into your bank accounts. Make sure to document cash gifts, lottery winnings, etc properly,
  • Keep making your payments on time
  • Come to Greenway with any questions you have 
Speak with your loan officer first before you make any major decisions so we can discuss how it could affect your loan.
Learn more about Loan Processing in this video here.

A licensed professional will conduct a review to reassure both you and the mortgage lender of your new home's value. The appraiser will visit the property and note its style and overall condition, measure square footage and confirm the number or rooms.

While appraisers are not to be confused with home inspectors, they will look for any obvious defects or safety issues. They will compare the property to its legally designated use. For example, are there two units when there should be only one, is it zoned properly, is it located in a flood zone, are there other external factors that could negatively affect value or marketability. A list of comparable properties will be pulled to determine if your purchase price is right for the market. Keep in mind the comps should be located in the same area and should be similar in size, style and function.

You will have an opportunity to see the appraisal report prior to settlement. For now, you can sit back and relax while the appraiser takers the lead on this part of the homeownership journey! Your Greenway Loan Officer will be in touch.

An appraiser will contact your realtor to schedule the appraisal. The report will be available 3-5 days after the appraisal is performed.


You’ve made it to the Underwriting Checkpoint. At this point, the underwriter evaluates your application and documents, double checks the loan guidelines and if all is accurate, issues an approval. In order to meet the loan program rules, underwriters may ask for clarifications or for more documentation. If this occurs, don’t be alarmed; it’s a normal part of the process. Responding to any requests as quickly as possible will help to get you home on time. It’s also possible that the underwriter will approve your loan with conditions. This just means that there are still a few more of the usual steps required to obtain a full mortgage commitment.

The appraisal is reviewed and file is submitted for underwriting. Approval is typically available within 3 days. 

Remember to avoid the road blocks (as we stated above). Any major life changes, pitstops at the furniture store, or credit inquiries at the car dealership. Your Greenway Mortgage Loan officer will be in touch again with another update.

Watch the video here to learn more about the Underwriting Stage:


At this point your loan is back from the underwriter and has received conditional approval. Conditional means that some things still need to happen. Some are up to us and others will occur step-by-step over the natural course of finalizing your loan. Your Greenway Loan Officer will reach out if they need anything.
In the meantime…
  • Identify any new utility companies you will need once you’re ready to move
  • Continue to avoid any roadblocks that can keep you from moving forward
  • Keep financial documents available (even the new ones)
  • When in doubt, ask us first!
Once your loan is approved, the Mortgage Commitment is sent to you, your Realtor, and attorney. Processing will contact you to discuss any outstanding documentation (conditions).
Learn more about Conditional Approval in the video here.
Once any additional documentation is supplied to processing, your file returns to underwriting for final review and is cleared to close. This typically takes 48 hours. 

Clear to close means your mortgage has been fully approved and final documents are ready to be prepared. An initial closing disclosure (CD) will be issued and should be signed right away. Please review it carefully and let us know if you have any questions. Once signed, closing can occur after 3 business days. Our closing department will coordinate with your settlement agent. 
Learn more about the Clear To Close stage here in this video:

Congrats! You've reached your destination. We hope your new home is everything you thought it would be. Even though your loan is now closed, we are still here for you! Call us with any questions whenever the arise. If you know of anyone ready to purchase a home or refinance, we always appreciate your referrals.

  • Do not make any large purchases without consulting your loan officer. Spending cash or incurring new debt could negatively impact your ability to qualify for a mortgage.
  • After closing, your loan may be transferred to a new servicer. You will receive a notice in the mail when this happens. It is normal and everything is okay with your account. 
Written Verification of Employment (WVOE)
  • WVOEs are a requirement and must be completed in order to secure financing
  • If an employer does not return the WVOE in a time timely fashion, your loan approval could be in jeopardy
  • We find it best that the borrower prepares their employer for the request to ensure they realize the importance

Learn more about WVOEs here.

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