How to apply for a mortgage: Home loan tips

How to apply for a mortgage: Home loan tips

You’ve decided to buy a home. Now you need a mortgage.

Take a big breath — it’s not every day you apply for a loan with that many zeros. Here are 6 steps you need to follow.

1. Fill out a mortgage application for lenders to analyze your finances, debts, assets, employment, the loan and the property.

2. Review loan estimates through the loan estimate forms to compare terms and costs between lenders.

3. Assess your lenders' responsiveness and trustworthiness to pick one.

4. Once the loan processing takes over, the statement you made on your mortgage application will be double checked by your lender.

5. The underwriter will judge the risk of lending money to you on this property.

6. Your loan is cleared and the lender will send you the closing disclosure form that details the final costs of your mortgage.