A pre-approval usually lasts 90 days, though some lenders may honor it for up to 120 days. If it expires, updating your information can often extend it.

Closing is the final step where you sign all necessary documents, finalize your loan, and officially take ownership of the home. You’ll also pay any remaining costs, and then receive the keys to your new home.

Pre-approval can take as little as one business day, provided you’ve submitted all required documents. In some cases, it may take a few days if additional verification is needed.

Your first mortgage payment is typically due on the first day of the second month after your closing date. For example, if you close in June, your first payment is usually due August 1st.

Closing costs typically range from 2-3% of the home’s purchase price and include fees for the loan, appraisal, title, insurance, and taxes. You'll receive a detailed estimate early in the process so you know what to expect.