Ok, take a deep breath and relax. Once you've completed the application and provided the standard documentation, the real mortgage process begins. This process can last anywhere from 15 days to 45 days. There are many things that have to happen behind the scenes.

VERIFICATION OF INCOME AND ASSETS. The loan processor has to make sure that all of the required documents verify what is stated on the application. Some lenders actually mail out verification forms for employers and financial institutions to complete and mail back with current information. This can slow down the process a great deal since you're waiting on a third party.

CREDIT REPORT. A tri-merged credit report (a credit report from all three credit reporting bureaus) is ordered and formatted to delete all duplicates, errors, etc. This can take a few days to get if there are some major creditors not reporting. Once it is received, derogatory information must be addressed and cleared up if possible.

APPRAISAL. An appraisal is ordered from a local appraiser. Some lenders wait for the credit report and verification documents before incurring the cost of the appraisal. On average, appraisals are received within 5 and 10 days.

TITLE.  A preliminary title report is ordered, which means that a title search is underway. Normally this takes about 3 to 5 days. It can take longer however, if there are any judgments or liens on public record against you or the seller.

Once all of the documents are gathered and the processor has all of your information verified, she submits the whole package to the underwriter to review.

The underwriter has to review every document to make sure that all of the numbers are correct and to determine if your mortgage request meets the lending criteria or guidelines.