• Sizing up the house is just part of the mortgage application procedure.mortgage image by hans slegers from Fotolia.com
  
  The mortgage application process usually takes between three to five weeks from application to closing, according to Mortgage Underwriters. During this time, the lender will require a lot of information from you and you may have to meet or speak with them numerous times before your application is complete. Knowing the application process will help you anticipate any issues that may come up.
  
  

Application

• The mortgage application forms will require a number of personal and financial documents, according to Nolo. The application form will ask for your name, date of birth, Social Security number, address and occupation. You will have to include income documentation, such as pay stubs or self-employed documents, current and previous years’ tax forms and three to 12 months of bank statements. You will also have to provide information on your debts, such as loans and credit cards, as well as information on your assets, such as property, trusts, stocks or other investments. If you have money for a down payment, you will have to show documentation showing the source of the money.
  
  

Underwriting

• Once the application is complete, it is sent to the lender’s underwriting department for verification, according to Mortgage Underwriters. The underwriter will confirm the information you supplied by contacting your employer or business contacts and going over your bank statements, tax documents and assets. The underwriter will also run a credit check to make sure you are a good credit risk. If your credit is not the best, you may still qualify for a loan at a higher rate. The underwriter makes the final determination for eligibility, interest rate and closing costs and approves or disapproves the loan.
  
  

Closing

• Once the lender has approved the loan, you will go to closing. This is a meeting with the seller, agents for the lender and title company and any real estate agents to sign the final documents, pay closing costs and down payment and transfer ownership of the property. Freddie Mac states that closing costs generally equal between two and seven percent of the home’s value and include appraisal, title and transfer fees, as well as such as any points you agreed to pay in exchange for a lower interest rate. Once all parties have signed the documents and made the necessary payments, the meeting is adjourned and you become the new owner of the property.