What's happening with my home loan approval?

You’ve submitted your loan application. Now you wait. This can be the hardest part of the homebuying process.

Here's a look at what’s happening behind the scenes.

  • The loan moves on to processing. 
    Here, all the documents and information you provided on the application will be reviewed and verified by third parties, like landlords, employers, and creditors.
  • An appraisal of the home is completed. 
    This can occur at the same time your documents are being processed.
  • An underwriter approves or declines the loan. 
    Once the processing and appraisals are complete, the documents move to an underwriter, who reviews the documents and approves or declines the loan and determines any conditions necessary for the loan to close. You may be required to submit additional documentation or provide clarity around any final questions.
  • Closing is scheduled.

The loan approval process can take from 30 to 60 days. Be as thorough as possible upfront and disclose everything to help avoid delays. If you were preapproved for a loan before you submitted your loan application, that may help speed up the process.

While you wait, respond quickly to any and all requests for more documentation. And don’t quit your job, buy a new car, or open or close any lines of credit during the waiting process. That can alter your debt ratio, possibly preventing you from getting the loan approved.

Learn more about the Truist Mortgage process.