There are few things you will ever do in your life that are more time-sensitive than that of financing a home. Why? Because there is a defined deadline: The closing! Closing on a mortgage is a big deal. It's a big deal for everyone. But once a borrower has finished the application process they often lose sight of the fact that they are still a very essential part of the process.

I can't get a mortgage approved without the help of the applicant. How important is that help? Let's put it in the perspective of an approval timeline and work our way backwards from a fictitious closing date. Say, May 31.

(Note that there is one month from the point at which we can move ahead with the processing of the approval and the Clear-to-Close determination from underwriting.)

oMay 30th: Parties to review HUD-1 Settlement Statement

oMay 28th: Mortgage closer to prepare and send closing package to title company

oMay 24th: Underwriting Clear-to-Close

oMay 22nd: Final submission to underwriting

oMay 20th: Any remaining items received for final submission to underwriting

oMay 16th: Conditional approval received from underwriting (subject to any conditions the underwriter is requesting)

oMay 14th: Initial underwriting submission

oMay 9th: All items needed for initial underwriting submission required (including appraisal, title work and HOI binder of coverage)

oApril 25th: Order appraisal and preliminary title work (minimum 10-day turn time for appraisal)

oApril 24th All Purchase Agreement contingencies satisfied or removed (including bank approval for short sales). At this point you've made the final decision that you are buying this home!

Prior to this point you've likely spent a great deal of time shopping for a home, made offers on quite a few homes and maybe even done a home inspection on more than one. But - and this is a very fine distinction to be made - until you've made the decision that you're buying this home the loan approval process can't begin. You can be prepared...but the process hasn't truly begun.

Be mindful that the process outlined above is the perfect world. There are many, many things that can happen during the process that can derail that month-long timeline. What if the appraised value comes in low? What if you're using FHA financing and the appraisal comes back with work orders requiring work to be done before you can close? What if there is a defect in the title? What if your insurance agent informs you that the home you're purchasing has a claim history that prevents them from writing insurance on it?

I certainly wouldn't want to discourage you from buying a home and obviously many, many, many people do. I just need to drive home the point that this timeline is fragile. Any number of things can delay the approval process and therefore the closing date. So anything you can do to keep the process on track - like providing any items we ask you for - is time well spent!

The moral of the story: Take control of the things you have control of. That will leave more time for the unknown delays.