Getting a Mortgage
This page will explain when and how to get a mortgage during the post-mutual period. It will link to relevant pages in the mortgage guide, and also link to new pages on the loan application, the GFE, and the appraisal. It will also include info on financing contingencies.
If you haven't been pre-approved for a mortgage already, you'll need start the hunt for a lender and mortgage as soon as you reach mutual acceptance with the seller.
Tip!
If you've waited to start looking for a mortgage until after you found the right home, it's time to ramp up on the world of home loans. Visit the mortgage section of our Home Buying Guide to learn how to pick a lender, select the right mortgage, and get approved for a loan.
Once you've selected your lender or broker, you'll go through the following steps to get your home financed:
- Loan Application: Fill out a loan application and submit it to your lender or broker.
- Good Faith Estimate: Within three days of your loan application, you'll receive a good-faith-estimate (GFE), which explains the details of your loan and helps you compare loans from different lenders.
- Appraisal: Your lender will schedule an appraisal, which will help determine if your home is worth what you're borrowing and spending to buy it.
- Approval: Your loan will be approved, and your lender will submit a loan commitment letter to the attorney or escrow company coordinating your home purchase with the seller.
- Financing Contingency: If there is a problem with your loan approval, you may be able to back out of the deal through a financing contingency, if it is part of your contract.
- HUD-1: The day before your signing appointment, you'll receive a copy of the HUD-1 Settlement Statement document from your lender. The HUD-1 lists the final terms and fees associated with your mortgage loan. You should compare these terms and fees to the estimates you received on your GFE.
Understand Your Mortgage Paperwork
Your lender will provide you with important paperwork after your loan application, including the Good Faith Estimate (GFE) and your HUD-1 settlement statement. Our interactive forms explain the GFE and HUD-1 in detail, and will show you how to read, understand, and compare these essential documents.
After your financing has been finalized and the commitment letter has been sent, the escrow company or attorney will schedule your signing appointment. At the signing appointment, you'll review and sign all of the legal and financial paperwork to complete the purchase of your home. Read more about the signing appointment.