It would have been logical, and many times required, for you to have been pre-approved by a lender in order to submit an offer. This expedites the loan application process to simply inform the lender that you have entered into a contract in order to officially start the process. You have a specified period of time (usually 5 days) to apply for the loan and to submit the escrow deposit (usually 3 days). You can initiate this by having your Realtor forward the executed contract and by submitting the escrow to the noted title company. A dated confirmation letter will be sent to the seller confirming the receipt of these items.