Getting ready
Your Application: What Happens Next
Short answer
After you start a mortgage application, the path is: finish the application, upload documents through the secure portal, have income, assets and credit reviewed, and receive the review outcome and, if you qualify, a conditional preapproval. From there you shop, make an offer and move through escrow to closing. A few habits keep the file moving.
Chris Lamm, NMLS# 209221Published Last reviewed
From application to closing
- Finish the application. Use the link to our secure portal, Floify. You can save as you go.
- Upload documents. Through the portal only, not by text or regular email.
- Review. The team reviews income, assets and credit, and asks if anything is missing.
- Preapproval. If the review supports a preapproval, you receive a conditional letter explaining the next steps.
- Shop and offer. Your agent writes the offer. The letter is updated as needed.
- Escrow to closing. Appraisal, the final loan review, signing and keys.
Who this guide fits
Anyone who has started an application or is about to. If you have not started yet, the application page explains how it works and what it does and does not commit you to.
What to gather
- Everyone: a photo ID and two months of bank statements, every page
- W-2 employees: the last 30 days of pay stubs and two years of W-2s
- Self-employed: two years of personal and business tax returns and a year-to-date profit and loss statement
- Retirement or disability income: award letters
- VA buyers: a DD-214 or COE
Your exact list is in the portal. It may differ from this one.
While your file is open
Until you close, avoid these:
- Opening new credit cards or loans
- Financing a car, furniture or appliances
- Changing jobs without telling us first
- Making large deposits you cannot document
- Moving money between accounts without keeping the statements
- Co-signing for anyone
Common snags
- Partial statements. Upload every page, even the blank ones.
- Cut-off photos. Clear photos or PDFs work, as long as nothing is cropped.
- Slow replies. Answering portal requests the same day, when you can, keeps the file moving.
- Surprises. If a big life change is coming, such as a new job or a move, tell us early.
Your next step
Finish the open items in your portal first. If a request is unclear, or you want to talk through the numbers before you go further, a call is the fastest way to sort it out.
When you want to talk it through, book a short phone call with Zak on Chris Lamm’s team at MortgageOne. No credit check is needed for a first call, and you can bring as many questions as you like.
General education, not a loan offer or a commitment to lend. To talk through your own situation, book a short phone call at reddinglender.com/schedule or call (530) 282-1166.
Private lender. Not affiliated with or endorsed by the U.S. Department of Veterans Affairs or any government agency.
Common questions
Does starting an application commit me to anything?
No. An application lets the team review your numbers. You decide whether and when to move forward.
Will my credit be checked?
A credit check is part of a full application and happens with your permission. A first phone call does not need one.
How long does a preapproval take?
Often a few days once the application and documents are complete. Missing pages are the most common delay.
Written by Chris Lamm
Senior Loan Advisor and Branch Manager, MortgageOne Inc. NMLS# 209221. 25 years in mortgage lending.
Want the answer for your specific situation?
A guide covers the general case. Your file is a specific one. Bring me the details and I will give you a straight answer, including when the answer is no.
The Friday market email.
One email. What moved this week and what it means for your buyers. Written for agents.