The Mortgage Process, Start to Finish
You don't need to become a loan officer. You do need to know the sequence, so nothing catches you off guard.
The short version. Get pre-approved before shopping, compare Loan Estimates from more than one lender, keep your financial picture unchanged until closing, and expect roughly 30 to 45 days from accepted offer to closing on a financed purchase.
The sequence
- Pre-approval. Documentation and credit reviewed by a lender.
- Shop and offer. Your pre-approval letter goes with the offer.
- Application and Loan Estimate. Within three business days you get real numbers in writing.
- Processing and appraisal. The lender verifies everything and orders the appraisal.
- Insurance. Homeowners and, where required, flood must be bound before closing. Start early in South Louisiana.
- Underwriting and conditions. Respond to document requests the same day when you can — this is where deals slip.
- Clear to close and Closing Disclosure. Compare it against the Loan Estimate.
- Closing at the title company or closing attorney's office.
Loan types used here
Conventional, FHA, VA and USDA all get used in this market, and parts of the region are USDA eligible. Louisiana also has down-payment assistance programs with income and price limits through participating lenders. Your lender confirms eligibility and current terms. VA buyers → · First-time buyers →
What not to do between contract and closing
Don't change jobs if you can avoid it, don't open new credit, don't make large deposits you can't document, and don't buy furniture or a vehicle on credit. Any of those can re-trigger underwriting days before closing.
General information, not advice. I'm a REALTOR®, not a lender, insurance agent, attorney or CPA. Figures and rules change. Confirm anything that affects your money with the appropriate licensed professional for your situation.
Questions buyers ask
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on information you provide. Pre-approval means a lender has reviewed your documentation and credit. Sellers here take pre-approval seriously, and in a competitive situation it's the difference between being considered and not.
Should I use the builder's or agent's preferred lender?
You can, and sometimes an incentive makes it worthwhile, but compare. Get a Loan Estimate from at least two lenders on the same loan amount and compare rate, fees and total cost. I don't receive anything for a referral, and I'll say so plainly.
How long does closing take?
Typically 30 to 45 days from accepted offer for a financed purchase, depending on the loan type, the appraisal and how quickly documentation moves. Cash closings can be much faster.
What slows a loan down?
Late documentation, big purchases or new credit during the process, appraisal issues, and insurance that can't be bound. Don't buy a truck between contract and closing — it happens more than you'd think.
Information is believed reliable but not guaranteed and is subject to change. Verify specifics for any property or situation with the appropriate licensed professional.
Need a lender who closes in South Louisiana?
I'll introduce you to a few and let you compare. No referral fees, ever.