Home Finance Guide: How to Apply for a Mortgage

Guide: How to Apply for a Mortgage

So, you’ve decided to buy your own home! That’s great news. Now, if you’re like most people, you’ll need to apply for a loan to buy your house. Here, we tell you what you need to do to apply for a mortgage.

Fill out Your Home Loan Application

At this point, you’ve probably already researched different loans. Since you’ve made your offer for a house, you can now decide which loan to opt for. You can do this by visiting different lenders and filling out their mortgage applications. Once you’ve submitted your application, the lender will pull your credit information and give you the loan estimate form, which will include all details about your loan.

Review the Loan Estimates

Review the estimates like the charges, principal paid, and the APR. If the numbers seem a little too dizzying, make sure to clarify what exactly the cost of the loan is with your lender. Remember that it’s the lender’s duty to answer every question you have.

Finalize on A Loan

By now, you’ve compared the rates and fees of different loans. The next step is to check just how trustworthy and responsive different lenders are. Be wary of any lender that seems to push you to opt for a particular loan.

Wait for Loan Processing to Take Over

After you decide which loan you’d like to go ahead with, you can let the lender know and they will start processing your loan application. At this stage, you’ll need to prepare for document requests and questions from the lender. Responding to the lender’s queries and requests promptly will help things move forward a lot faster.

The Underwriting Process Begins

During the underwriting process, there’s not much you can do but sit tight. The lender may need you to provide more documents and answer questions during the stage.

Wait for Your Loan to Clear

Hopefully, before your closing date, you will hear from the lender about your loan application having cleared. To finish the process, you’ll need to sign the final paperwork.

Comments are closed.