The Mortgage Approval Process
Step by step from first conversation to keys in hand.
Step 1: Pre-qualification
A 10-minute conversation that establishes your rough buying power. No credit pull, no document collection — just income, debts, down payment, and a quick stress-test calculation.
Step 2: Pre-approval
Full application with credit pull, income documents, and down payment proof. Results in a written pre-approval letter with a rate hold (typically 90–120 days). Stronger than pre-qualification — gives you negotiating credibility with sellers.
Step 3: Property selection and offer
Once you find a home and your offer is accepted, the file shifts from pre-approval to live underwriting. The lender now evaluates the specific property, not just your finances.
Step 4: Conditional approval
The lender issues conditions: appraisal, fire insurance, condo status certificate (if applicable), and any income verification refresh. Most conditions can be satisfied in 5–10 business days.
Step 5: Final approval and closing
Conditions met → final commitment issued → file moves to your lawyer for closing preparation. You sign mortgage documents and provide the down payment balance. On closing day, funds transfer and you get keys.
Have questions about your situation?
Every mortgage file has its own story. A 15-minute call with Jay is enough to know your real options.