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.
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.
3. Determine Your BudgetYour preapproval letter will tell you how much money a lender is willing to let you borrow.
4. House-hunt
The most exciting element of the mortgage process is house-hunting. You picture life in each house you visit.
5. Make An OfferLet’s say you’ve found the perfect house. It’s now time to make an offer. There are several things to think about here.
6. Finalize The LoanAfter 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
7. Wait For Underwriting8. Get A Home Appraisal9. Prepare To Close