Learning Objectives
- Sequence the buyer's journey from week 1 to closing
- Build the document checklist for preapproval
- Set expectations on timing, costs, and decision points
- Identify when to involve credit specialists vs. proceed
Phase 1 — Discovery (Week 1–2)
- Pull tri-merge credit and review the mortgage score
- Gather 2 years W-2s, 2 most recent pay stubs, 2 months bank statements
- Calculate front-end and back-end DTI
- Identify program fit: FHA, VA, USDA, Conventional, DPA
Phase 2 — Preapproval (Week 2–3)
A real preapproval is desk-underwritten with documents reviewed, not a 5-minute online estimate. The letter should specify program, max price, and any conditions.
Phase 3 — Under Contract (Week 4–8)
- Lock the rate
- Order appraisal and inspection
- Avoid new credit, no large deposits, no job changes
- Final loan approval and clear-to-close
- Closing disclosure 3 business days before signing
Key Takeaways
- Most first-time buyers close in 30–45 days from contract.
- Document gathering up front is the single biggest accelerator.
- Behavioral discipline (no new credit, no big deposits) saves the deal.
End-of-Module Exam
Module 24 Exam — 5 questions
Pick the best answer for each question. Pass with 80% or higher to mark this module complete.
- 1.
A real preapproval involves:
- 2.
Typical purchase escrow length is:
- 3.
After contract, the buyer should avoid:
- 4.
The Closing Disclosure must be delivered at least:
- 5.
Which document is part of the standard preapproval packet?
0 of 5 answered