A first-time home buyer needs to take out a loan to help finance his purchase.

Once a contract is ratified, buyers who need a loan must promptly submit a written loan application and provide required documentation so the lender can process, underwrite, and issue a loan commitment within the time frames stated in the contract and financing addenda. This step triggers required disclosures, appraisal ordering (when applicable), and rate/lock options; delays can jeopardize financing contingencies and settlement timelines.