We will begin the work of verifying all the information you've provided and "packaging" it so that the underwriters will approve your loan. This process can take from one to six weeks, depending on a number of factors, including the type of mortgage you choose and the property type, as well as any issues you might have with credit or debt to income ratios.

Within three business days after your application, the mortgage company must by law give you a "Good Faith Estimate" of your closing costs. (The closing is the meeting at which you will sign all of the loan documents.) You will also get an "Itemization of Amount Financed", a statement that shows your estimated monthly payment, finance charges, and other facts about your mortgage.

For almost all home buyers, the loan processing period can be quite stressful. So stay in touch with your mortgage company, be prepared to answer any questions that might come up -- and remember we companies are in the business of making loans, not finding ways to deny them.  We don't get paid until you close into your new home.

Some home buyers find the closing process to be one of the most daunting aspects of buying a home because it's so formal and final. Ask your mortgage company what to expect at your closing.