Back to plan
phase 03
get lender ready.
Get your paperwork tight so you can compare a few lenders in one week instead of chasing one for a month.
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more moves in this phase
Not everyone needs these. Add one when it's the actual next move.
- Understand prequal vs preapproval
- Build your lender document folder
- Gather current income documentation for your situation
- Gather your bank and asset documentation
- Look at recent bank activity for large or unusual deposits
- Make sure your purchase funds have a clean paper trail
- Identify likely loan options worth asking about
- Decide which types of lenders you want to compare
- Build a lender interview list (aim for 3+)
- Interview at least 3 lenders
- Ask each lender which assistance programs they can originate
- Apply for preapproval when your timeline makes sense
- Compare Loan Estimates side by side
- Choose your lender
- Save your preapproval expiration or refresh date
- Ask how offer-specific preapproval letters are handled
- Ask each lender how rate locks work
- Understand mortgage insurance for the loans you're considering
- Ask how the escrow account for taxes and insurance is set up
- Compare origination and lender fees line by line
- Ask how the lender communicates during underwriting
- Know when your credit will actually be pulled