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After your application has been in processing for about a week or so, you'll probably be hearing back from the lender. They will have questions, comments, items that need clarification. Be cooperative. Once you clear these items up with them, both you and your attorney will receive a package in the mail with a lengthy document called a mortgage commitment.

What the lender is doing here is agreeing to lend you the sum of money indicated provided that you close the deal within a certain period of time. The document usually states the terms of the loan (including amount), for how long the commitment is valid, and the terms that must be met in order for the loan to close, such as acquiring satisfactory title to the property. There may be other specific conditions relating to you. For example, some item on your application has yet to be verified. If you've gotten this far, however, you're in very good shape. Your lawyer will now order title searches, required by the lender to make sure you're getting clean ownership of the property and there are no outstanding liens or encumbrances on the deed. This is also the point at which a firm date will be set for your loan closing meeting.