Skip to main content
Close

Before you go

You are about to leave flagstar.com. Flagstar is not responsible for the content on other sites.

Mortgage Loan Process

It's a good idea to start the mortgage process before you shop for a new home. Learn the steps between applying and closing on your loan.

We’re here to help every step of the way.

Icon of a computer monitor and smart phone

Ready to apply online?

Start your loan application here. Don't worry—if you get stuck, we're just a phone call away.  

Icon of a person and a word balloon

Speak with a loan advisor.

We'll help you find the right loan, start your application, and answer your questions.

Icon of a person standing next to a map location symbol

Find a loan advisor.

Connect with a local expert and meet remotely or at a nearby branch. We'll guide you through the entire home loan process.

Here’s your mortgage game plan

Whether you choose a conventional, jumbo, or government-backed loan, the mortgage process follows the same basic steps. At no point will you be on your own. We'll be here to guide you along the way.

Icon of the number 1 inside a circle

Prequalification

Learn how much house you can afford. Let's look at your income, assets, debts, and past credit use to get a general idea of how much you could borrow. Then, you can start shopping in your price range.

Icon of the number 2 inside a circle

Preapproval

Next, your home loan advisor will work with you to collect all of your documents to complete your application. Your mortgage preapproval will show the exact amount you can borrow, and it's good for 90 days. 

Icon of the number 3 inside a circle

Loan review

Our underwriters can get started before or after you find the property you want to buy. They'll issue a conditional approval identifying specific requirements to meet before approving your loan and clearing it to close.

Icon of the number 4 inside a circle

Final approval

You're in the home stretch now. For final approval, we'll need all the details, including information about the property. Once the paperwork looks good, it's time to schedule a closing for your mortgage. 

Icon of the number 5 inside a circle

Closing

Closing is the time to sign your mortgage documents. Bring a valid ID and the certified funds listed on your Closing Disclosure, such as your down payment, closing costs, and any prepaid items. Congratulations!

Do the math (the easy way)

Use our home loan calculators to break down the costs of buying a new home.  How does a higher or lower down payment affect your monthly payment? Should you get a fixed or adjustable rate mortgage? Play around with different scenarios so you can make informed decisions about your home loan.

An icon of a house with calculator symbols in front of it, including the plus, minus, multiplication, and equal signs

Mortgage Affordability Calculator

Before you start shopping, learn how much house you can afford. 

An icon of a house with calculator symbols in front of it, including the plus, minus, multiplication, and equal signs

Monthly Mortgage Payment Calculator

Discover what makes up your payment and what fits into your budget.

An icon of a house with calculator symbols in front of it, including the plus, minus, multiplication, and equal signs

Mortgage Down Payment Calculator

Find out how different down payments affect the cost of your home loan.

Your new home awaits. Apply today.

Start the mortgage process in whatever way is convenient for you. Whether you're just starting to look or ready to buy, we're here to help from now through closing and beyond.

Icon of a computer monitor and smart phone

Ready to apply online?

Start your loan application here. Don't worry—if you get stuck, we're just a phone call away.

Icon of a person with a speech bubble in front of them

Speak with a loan advisor.

We'll help you find the right loan, start your application, and answer your questions.

Icon of a person standing next to a map location symbol

Find a loan advisor.

Connect with a local expert and meet remotely or at a nearby branch. We'll guide you through the entire home loan process.

7th Largest Bank Mortgage Originator

Inside Mortgage Finance, Q3 2023

Why choose Flagstar?

We're an award-winning lender with more than 35 years of experience connecting customers to the right mortgage solution for their needs. With hundreds of conventional, jumbo, and government-backed options available, we'll find the right home loan for you, too. Whether you are buying a new home or ready to refinance, you can trust our simple application and streamlined process to get you to closing on time.

You may also be interested in:

A smiling child sits on their parent's shoulders in front of their new house
Navigating a competitive housing market

Find the best tools, resources, and ideas to stand out from the crowd and land the home you want.

A person smiles while holding a dog as their partner looks on and smiles
Home loan basics

If you're considering buying a home and don't know where to start, you've come to the right place.

A parent and child high five each other
Refinance

Learn how refinancing your mortgage could make your life a little easier. 

Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan to value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend. A loan advisor will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.

Pre-Qualification request is an inquiry only, not an application for credit or a commitment to lend and does not guarantee loan approval or denial. This prequalification provides you an estimate of how much you may be able to borrow based upon a preliminary review of your credit history, income, and assets. For a credit decision, you must submit additional information for review and approval. Interest rates and loan program guidelines are subject to change without notice.

A preapproval is an initial determination of an applicant’s ability to borrow up to a certain amount.  It is based upon certain assumptions resulting from an initial review of incomplete credit information criteria.  A preapproval is not an approval of a completed application nor is it a commitment to lend or a guarantee of any particular loan product, features or terms.  Final loan approval follows a comprehensive analysis of an applicant’s creditworthiness, the satisfaction of all product-specific underwriting requirements and conditions and property acceptability and eligibility.

Flagstar Bank NMLS# 417490