The Mortgage Process: What to Expect from Applying to Closing

By Toll Brothers 5 minute read

Last updated on August 24th, 2022

It’s exhilarating when you receive a brand new set of house keys and open the door to your dream home. Until you get to that point, there are many details, deadlines, and decisions to consider, specifically during the mortgage process. Take the appropriate amount of time to research and learn about the mortgage process.

With this in mind, we’ve created an informative breakdown of the entire process with help from our Toll Brothers Mortgage professionals. From pre-approval advice to answering frequently asked questions, we want to help ensure that your mortgage process runs as smoothly as possible.

Modern Home in a Toll Brothers Community in Summerlain, NV
Summerlin, Onyx model, NV


Things to Consider Before Applying for a Mortgage

While we’re here to help guide and assist you during the mortgage process, you should also take the time beforehand to ensure you have everything ready for when the process begins. Here are four factors that lenders consider a mortgage approval:

1. Check Your Credit Report

Your credit report is a significant factor when it comes to being approved for a mortgage. If you’re thinking of purchasing a new home, it’s crucial that you review your credit report for any errors that could prevent you from being approved. Thankfully, there are plenty of services that can provide you with a personalized credit report. By doing this before you apply, you’ll allow yourself time to clear up any mistakes before they become major inconveniences.

It’s essential to know your credit score before applying for a mortgage as a lender can perform a credit check up to twice during the loan approval process. By knowing your score in advance, you’ll have time to increase your credit score before applying, if it’s a tad lower than you would like.

2. Do Research on Mortgage Requirements

Although this may be your first time applying for a mortgage, you’re certainly not the first person to do so. Use this to your advantage! Take time to research what others have experienced during their own mortgage process. Try to get a general understanding of the general requirements of the mortgage process from the documentation you’ll need to provide to the types of finance options available to you.

3. Pay Your Bills On Time

Your payment history is a major component of your credit score. It’s one of the most important factors when it comes to securing a mortgage or other types of credit. To manage your bills and avoid late charges, try setting up auto-pay, scheduling the same day on your calendar each month to pay the bills, and consider bill reminders via email or text.

4. Start Saving Money for a Down Payment

Start budgeting early, so you can start putting away money for a down payment – the larger your down payment, the lower the risk (at least in the eyes of the lender). Keep your oldest account open to preserve the length of your credit history. Wait until you’ve moved into your home before closing accounts and spread out closures over time.

Toll Brothers at the Meadows, Escena model, AZ


What Documents Do You Need to Apply for a Mortgage?

When the time comes to apply for a mortgage, you’ll need specific documentation. Here’s a list of a few required documents you’ll need to start the process.

Tax returns

Generally lenders request at least two years of tax returns, and possibly even more for self-employed borrowers. Lenders want to ensure that income is consistent each year. 

Bank statements

Lenders review bank statements to ensure there are sufficient funds to cover your down payment, closing costs, and in some cases, enough for the first few mortgage payments. They also want to ensure that any large deposits are ‘sourced.’ In other words, they need to know where the money came from.

W-2s or other proof of income

Providing pay stubs allows the lender to make sure you have a history of employment with a particular employer and that the income reported on your mortgage application matches what’s on your paystubs. If you’re paying or receiving alimony or child support, the lender would most likely require that documentation as well. 

Credit report

A lender will request a credit report to review a borrower’s credit score, balance, payment history, and significant credit events. Do you have any large debts, such as car loans, student loans, credit cards, etc.? This provides an overall financial snapshot that will help the lender determine a borrower’s level of risk. A credit report is good for 120 days, so for example, Toll Brothers Mortgage will pull your credit initially at application and then closer to your settlement date as well. 

Ridings at North Branch, Rosslyn model, MD


The Mortgage Application and Approval Process

How Long Does the Mortgage Approval Take?

Building a new construction Toll Brothers home will take up to 12 months. Our mortgage company, Toll Brothers Mortgage will provide a mortgage commitment within 45 days of receiving a borrower’s loan application and supporting documents.

Initial Home Mortgage Application And Approval

Within 14 days of signing the sales contract for your new home, you’ll need to fill out an application package. This application includes submitting documentation such as bank statements, pay stubs, and other paperwork for approval. Here, a loan officer will be your primary contact as they assist you with any questions or problems you may have.

Finalizing Your Home Loan Program

Once your application is reviewed and approved, the mortgage lender will issue a Loan Commitment. The commitment will provide an overview of the terms and conditions of your approval. It’s imperative that you notify your loan officer of any significant changes, like income and employment, as they may affect your approval.

Locking in the Interest Rate When Building a Home

As your home is being built, you’ll remain in contact with your loan officer and processor. It’s usually around this time that most start to consider their options for locking their interest rate. Fortunately, Toll Brothers Mortgage offers LockSolid Rate Protection, which can secure your rate for up to 12 months. By doing so, there are no surprises down the road if rates happen to increase throughout the process. 

Complete Mortgage Underwriting

Within 90 days of settlement, Toll Brothers Mortgage will update your financials and begin the final mortgage approval process to prepare you for your new home closing. At this time, you may be expected to provide current pay stubs, bank statements, and any outstanding conditions, as noted on your mortgage commitment. Another credit report will be pulled, we’ll verify your employment, an appraisal will be ordered, and your title/closing company should be selected at this time. It is critical to submit all required documentation within a timely fashion, as one of the biggest reasons for closing delays is due to paperwork not being submitted in time.

Toll Brothers Hollister model home located in New Castle, DE
High Pointe at St. Georges, Hollister model, DE


Preparing for closing

At least 15 days before closing, any outstanding details of your loan approval must be satisfied, as the lender cannot prepare documents for closing until all information has been received and approved.

End of the mortgage process

Three days before settlement, or closing, the lender will issue a “Closing Disclosure”, which details the loan terms and the amount of funds needed for your settlement. Your Loan Officer will review your final loan terms as outlined on your Closing Disclosure and answer any questions you may have regarding settlement. After all of that is taken care of, you’re officially a new homeowner. Congratulations! If you’re considering buying a new home, check out Toll Brothers Mortgage for more information on the mortgage process and how you can apply.

written by

Embracing an unwavering commitment to quality and customer service, Toll Brothers currently builds in over 60 markets in 24 states nationwide, and is a publicly owned company with its common stock listed on the New York Stock Exchange (NYSE: TOL). In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World's Most Admired Companies™ list.* Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information, visit From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.


    1. muhammad younas says:

      Need mortgage loan , buying home in Phillip creek frisco tx.

    2. MaxBPO says:


      The other day I was having a similar discussion with my business partner. Your article has provided great insight into this matter. I really liked it.


      • Toll Brothers says:

        Hi Max, we’re glad to hear that you found value in our articles and look forward to providing more useful material in the future!

    3. Wiktor says:

      Nice blog ! Thank you for provide such a nice information

    4. Jallyen Concepcion says:

      Hello ! thank you for the great information. I have question. Is it require to put 20-25 % down for a new home or build?

      • Toll Brothers says:

        Hi Jallyen, we’re thrilled to hear that you found our piece insightful! You are not required to put down these percentages for a new home, but there are upsides to doing so. We encourage you to explore more about the home-buying process to learn about the ins and outs of mortgages and home payments.

        • Myretta Richardson says:

          Does Toll brothers built on your lot?

          • Toll Brothers says:

            Hi Myretta, if you’re asking if we build on personal lots, the answer is no. We only build our homes on lots within our communities. Please let us know if you are trying to ask a different question, so we can answer it for you. Thanks!

    5. Mary Anne says:

      Do you broker Loans only for people buying a Toll Brother’s home or can a person buying an existing home, not Toll Brothers, apply for a loan with you?

      • Toll Brothers says:

        Hi Mary Anne, TBI Mortgage is only available for those who purchase a home with Toll Brothers. We hope this helps answer your question!

    6. NGUYEN says:

      Lets say we buy a new home and it is May 2021 that we finalize our paper and close escrow. The new home will not be built and completed until October 2021, when do we make our first mortgage payment?

      • Toll Brothers says:

        Hi there, we cannot give a concrete timeline for your hypothetical build. You can contact any of our Online Sales Teams, located on every community page on our website, for more information regarding the building process of a specific model. You can also contact our TBIMortgage for any mortgage inquiries here. Thanks!

    7. Premchand Bellamkonda says:

      I need info on the Mortgage loan. I am trying to access and it is asking to sigin and it fails to load the page.
      How do I contact the TBI Mortgage team?

    8. Vincent says:

      Hi. We sent our mortgage application the other day. When will we hear back from TB Mortgage if our application got pre-approved or not?

      • Toll Brothers says:

        Hi Vicent, we appreciate your interest in working with Toll Brothers. Response times vary, however, we assure you that your application has entered our portal and will be handled in the order that it has been received. Please let us know if there’s anything else we can assist you with. Thanks!

    9. Kenneth Ready says:

      Does Toll Brothers financing offer zero down VA loans?

      • Toll Brothers says:

        Hi Kenneth, for an accurate and expeditious answer, please submit this question through our “Mortgage Inquiries” page, here. Thanks!

    10. Clint says:

      In addition to the construction deposit. What else is owed during the build? Where can I find that information?

      • Toll Brothers says:

        Hi Clint, the payment breakdown is as follows: $1,000 initial deposit, 5% base price, 20% home site premium, and 20% options for most states. We hope this helps answer your question. Also, please let us know if there’s anything else we can assist you with. Thanks!

    11. Sandra Eli says:

      If Toll Brothers mortgage doesn’t aprove my loan. Can I use the approval which I already have from my bank or another mortgagee?

      Please reply. I greatly appreciate.

      Thank you,

      • Toll Brothers says:

        Hi Sandra, we have passed along your inquiry to Toll Brothers Mortgage Company. Please be on the lookout for a response via email from one of our qualified mortgage associates. Thanks!

    12. Jhaira Entena says:

      Hello. If I have the money for the deposit for a new home, but preapproval is denied, will TBI Mortgage give us a timeframe to correct what needs to be corrected (i.e. paying down a credit card or a car, adding extra income)—to which will have me approved once corrected?

      Or will TBI Mortgage deny my deposit once it reflects my pre approval as denied? How does this process work? Your help will be greatly appreciated. Thank you.

      • Toll Brothers says:

        Hi Jhaira, we encourage you to contact Toll Brothers Mortgage Company directly here. Once you fill out a form, a representative can contact you and assist with all of your inquiries. Thanks!

    13. Parth vyas says:

      Do you guys custom build the house?

      • Toll Brothers says:

        Hi Parth, we offer an array of luxury home designs for homebuyers to select from. From there, we have a design studio where homebuyers have the opportunity to customize the look and feel of their home ranging from kitchen island countertops to the color of their bedrooms and everything in between. We hope this helps answer your question. Thanks!

    14. Pam says:

      Hi, I’m currently interested in financing a home through a reverse purchase mortgage. Can you please provide me with feedback on this option? Thanks.

      • Toll Brothers says:

        Hi Pam, we encourage you to fill out a form with your mortgage inquiry on our website here, so one of our qualified mortgage reps can answer your question. Thanks!

    15. Lux says:

      Can we buy the home that’s already built or do we buy first and then you build?

      • Toll Brothers says:

        Hi Lux, many of our communities offer quick move-in home designs ready for purchase in addition to our custom home builds. We encourage you to explore our website, and look for home designs with our move-in ready labels. Please let us know if you have any other questions. Thanks!

    16. Britt says:

      Can I go through pre-approval with another company for a home? I understand I don’t have to use Toll brothers mortgage for my loan, so I was going to just get pre-approval elsewhere, any clarification on this/policies regarding this?

      • Toll Brothers says:

        Hello, Britt. While Toll Brothers Mortgage Company requires homebuyers to apply for pre-approval, you can request and sign a finance waiver that allows you to seek any outside lender for pre-approval. We hope this helps answer your question. Thanks!

    17. Betina Gideons says:


      What does the initial process look like? Is that a deposit and then a certain percentage of the home needed. Is closing cost needed up front?

      • Toll Brothers says:

        Hi, Betina. We appreciate your interest in our homes! To answer your question to the fullest extent, we recommend filling out a general mortgage inquiry with Toll Brothers Mortgage Company here. One of our in-house experts will be able to shed light on the process and answer any questions you have. Thanks!

    18. Ash says:

      Why is it a requirement for me to apply with Toll Brothers? I already applied with a financial institution and was approved over the purchase amount. I do not want my credit pulled again.

      • Toll Brothers says:

        Hi, Ash. For the most accurate answer, we recommend filling out a general mortgage inquiry with Toll Brothers Mortgage Company here. One of our in-house mortgage experts will be able to assist with answering your questions. Thanks!

    19. Marthe Fogarty says:

      Hi would like to talk about finance options

      • Toll Brothers says:

        Hi, Marthe. We appreciate your interest in our homes. We encourage you to contact Toll Brothers Mortgage Company here. They’ll be able to answer your finance questions and more. Thanks!

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