When does my application officially start?
Under federal rules, you've applied once the lender has six pieces of information: your name, your income, your Social Security number to pull credit, the property address, an estimate of the home's value and the loan amount you want. That starts the clock on your Loan Estimate A standard three-page form you receive within three business days of applying that shows your estimated rate, payment and costs. See the full glossary.
With Tom, that information goes through Elite's secure application, never this website or email. Talking with Tom about your plans before you apply doesn't pull your credit.
When will I get a Loan Estimate?
Within three business days of your application. The Loan Estimate is a standard three-page form that shows the loan terms, the estimated monthly payment and the estimated closing costs, so you can compare offers line by line.
Until you've received it and told the lender you want to go ahead, the only fee you can be charged is a reasonable fee for your credit report. For a home purchase, you'll also receive the CFPB's "Your home loan toolkit" booklet within the same three business days.
When is the appraisal done, and do I get a copy?
On a purchase, the appraisal is usually ordered once you have an accepted offer and have told the lender to proceed. The lender must give you a copy of the appraisal promptly when it's complete, or at least three business days before closing, whichever comes first. You can choose to waive that timing and receive it at closing instead.
If the value comes in below the price, talk with Tom and your agent right away. Buyers often renegotiate the price, cover the difference in cash or look at another loan structure.
What happens in underwriting?
An underwriter checks your income, assets, credit and the property against the loan program's rules. The answer often comes back as a conditional approval: a list of items to finish, such as an updated pay stub, a letter explaining a deposit or proof of homeowners insurance.
Once every condition is signed off, the loan is "Clear to close The underwriter's final sign-off that all conditions are met and the loan can close. See the full glossary." Sending documents quickly, through the secure portal, is the simplest way to keep your closing date.
What should I avoid while my loan is in process?
Keep your finances steady until closing. Lenders often check for new debt again shortly before closing, so a new car loan or credit card can change the numbers late in the process.
- Hold off on new credit and large purchases on credit.
- Tell Tom before any job change.
- Ask before moving large amounts of money between accounts, and keep records of deposits.
- Keep paying every bill on time.
More on this in credit and your mortgage.
When do I get the Closing Disclosure?
You must receive the Closing Disclosure A five-page form you receive at least three business days before closing that shows your final loan terms and costs. See the full glossary at least three business days before closing. It shows your final loan terms and costs. Compare it with your Loan Estimate and ask Tom about anything that changed.
Most changes don't restart the clock, but three do: the annual percentage rate (APR) becomes inaccurate, the loan product changes, or a prepayment penalty is added. Any of those means a corrected disclosure and a new three-business-day wait.
What happens on closing day?
You sign the loan documents with the closing attorney or title company, bring a photo ID, and pay your Cash to close The total you bring to closing: your down payment plus closing costs, minus any deposits, credits or gifts. See the full glossary the way the closing agent tells you. Your share of the NH transfer tax and your first escrow deposits are part of that amount; the closing cost guide explains each item.
Wire fraud targets homebuyers. The CFPB advises confirming wiring instructions, including the account name and number, in person or by calling a number you already know, never one from an email. If something seems wrong, call your bank right away and report it to the FBI at ic3.gov.
Tools for this topic: Closing timeline planner · Affordability calculator · Transfer tax calculator
Sources
- 12 CFR 1026.2(a)(3), Definition of application (CFPB)
- 12 CFR 1026.19, Loan Estimate and Closing Disclosure timing (eCFR)
- 12 CFR 1002.14, Copies of appraisals and other written valuations (CFPB)
- CFPB, Mortgage closing scams: how to protect yourself and your closing funds
Checked October 2026. Limits and program rules change, so confirm current figures before you rely on them.
General information only, not tax or legal advice. Program availability, eligibility and terms vary by lender and are subject to change and to underwriting approval. Not a commitment to lend.