By OfferPrep Editorial · Last reviewed October 24, 2026 · 2 min read
The How Lending Works series
Timelines vary by loan type, lender, and contract. Use this as a map, not a promise.
Days 1 to 3: application and Loan Estimate
You complete the full application on the specific home. The lender sends the Loan Estimate within three business days. Decide whether to lock. In North Carolina, your due diligence period is also running, so inspections start now.
Week 1 to 2: processing, appraisal, title
The processor orders the appraisal and title search and verifies your employment. You'll get document requests. Answer them fast.
Week 2 to 3: underwriting
The underwriter reviews everything and usually issues conditional approval: a list of items to clear, like an updated pay stub or a letter explaining a deposit.
Week 3 to 4: clearing conditions
You and the processor send the remaining items. The appraisal must support the price, and title must be clear.
Clear to close
The underwriter signs off. You receive the Closing Disclosure at least three business days before closing. Compare it to your Loan Estimate.
Closing day
Bring photo ID and your funds (usually by verified wire). Sign, and the loan funds. Then you get the keys.
What commonly causes delays
- Slow document responses
- New debt, a new credit card, or a job change mid-process
- Large deposits without a paper trail
- An appraisal below the contract price
- Title issues like old liens
- Changes to the loan that require a new disclosure
Get the Contract-to-Closing Dos and Don'ts Guide
A one-page list of what to avoid between contract and closing. Then finish with part 7: the questions to ask any lender.
Every free guide comes with OfferPrep's monthly educational newsletter: one plain-English lesson at a time. Browse all free guides.
Next in the series: Questions to ask any lender.
Sources
Figures on this page were checked against the official sources below on October 24, 2026. Programs and limits change; confirm current figures with the source or a licensed lender before you rely on them.