The Mortgage Loan Process: A Step-By-Step Guide

You want to buy a house. You may have contacted a real estate agent, who told you to call back once "preapproved." How do I get a mortgage?

Mortgage Application Steps 1. Prequalify First, get preapproved for a mortgage. Preapprovals are straightforward. Before shopping, know how much a lender will loan you.

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2. Prepare paperwork Most lenders seek debts, assets, credit history, and employment and income evidence. You won't need all this paperwork to get a loan preapproved.

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3. Determine Your Budget Your preapproval letter will tell you how much money a lender is willing to let you borrow.

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4. House-hunt The most exciting element of the mortgage process is house-hunting. You picture life in each house you visit.

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5. Make An Offer Let’s say you’ve found the perfect house. It’s now time to make an offer. There are several things to think about here.

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6. Finalize The Loan After you’ve legally bound your offer with a purchase agreement, you’re ready to apply for your mortgage and finalize the terms of the loan. I

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7. Wait For Underwriting 8. Get A Home Appraisal 9. Prepare To Close

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