First, there are two important people involved in the loan process. The loan agent serves as the middleman between you and the underwriter. Since you cannot go see the underwriter, it is the loan agent's responsibility to communicate all information. The underwriter is the person who verifies loan requirements before a loan's approval.

Bring any documentation needed to verify your employment, credit or financial situation. This can include but is not limited to income tax returns, pay records, bank statements, appraisal information and any other documents or information required by the lending institution. Also, be sure to bring the completed loan application when meeting with the loan agent. Do not be concerned if you are asked to provide further documentation later in the loan process.

Expect to wait. The loan process usually takes up to four weeks, longer for those with particular circumstances such as self-employment or poor credit. At the beginning of the loan process, it may take a week to get the initial response from your underwriter. At that time, he or she may approve the loan or ask for further clarification. Other delays, such as difficulty in attaining an appraiser, can also lengthen the process.

Understand the escrow process. Once approved, loans are sent to the escrow/title company or your attorney, who will then prepare additional paperwork. Make certain to get a copy of everything you sign for your personal records.

Keep a paper trail. Since large deposits may indicate additional loans that must be repaid, underwriters may require documentation for any deposited funds going into your account.

Be prepared for your closing. Bring picture identification and a form of payment on the day of the closing. Ask how much needs to be paid that day and in what form. Once the papers are signed, it can take up to three days before the money is transferred. The loan does not actually close until one or two days after the transfer has occurred.

Finally, remember that the loan is not officially considered closed until it is recorded with the county.