This following information is designed to help you navigate the pitfalls that may to occur between the time you submit your mortgage application and the final closing. There is no way to guarantee that your journey will be a smooth one, but at least do your part to make everything easier.

One item you have no control over is the bank's appraisal of the property. The lender needs to know that the property has sufficient value to cover the loan amount. A lender usually will not lend more than 75% to 80% of the value of the property. You have no control over this event, because the lender sends an independent appraiser to tour the premises.

While you're waiting for the lender to complete its evaluation process, there are certain items you should decide and look into:

1. If you're buying jointly with someone other than your spouse, decide how title will be held.
2. Review the document estimating your closing costs. The estimate could be on the high side, but make sure you have this money ready for closing.
3. Do your insurance shopping at this time.
4. Have your lawyer order title searches and a survey.