{"id":41244,"date":"2020-05-13T08:15:30","date_gmt":"2020-05-13T16:15:30","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=41244"},"modified":"2023-03-21T10:16:17","modified_gmt":"2023-03-21T17:16:17","slug":"how-to-apply-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/how-to-apply-for-mortgage\/","title":{"rendered":"Mortgage Application Guide: How to Apply for a Mortgage"},"content":{"rendered":"

Finding your dream house is only one small part of the homebuying process. Unless you\u2019re purchasing that property in all cash, you\u2019ll also need to apply for a mortgage loan<\/a>.<\/p>\n

Though purchase loans typically take around 45 days from application to closing day, according to the most recent data from mortgage technology company Ellie Mae<\/a>, the process starts long before your application is submitted.<\/p>\n

What to do before you apply<\/h2>\n

Here are the steps you should take in the lead-up to filling out your application \u2014 as well as how long each step may take you.<\/p>\n

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  1. Shop around and compare rates<\/a><\/li>\n
  2. Get pre-approved<\/a><\/li>\n
  3. Make an offer on a home<\/a><\/li>\n
  4. Gather all the documents you\u2019ll need to apply<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    1. Shop around and compare rates<\/h3>\n

    Time estimate<\/b>: A few minutes (using Credible); up to a few days if contacting lenders<\/p>\n

    Every lender offers different terms, so it\u2019s a good idea to compare rates before making a decision. Shopping around can ensure you find the right loan for your situation and, because mortgages<\/a> are typically so large, can also help you find a lower rate<\/a> and save money in the long term.<\/p>\n

    When shopping around for mortgage lenders, you\u2019ll want to consider things like rates, fees, and loan products. Credible makes comparing multiple lenders quick and easy; you can compare loan options from our partner lenders in the table below in just three minutes.<\/p>\n

    \n Loading widget - purchase-rate-table\n<\/div>\n\n

    Learn More: What You Need to Know About Working With a Mortgage Broker<\/a><\/strong><\/em><\/p>\n

    <\/a><\/p>\n

    2. Get pre-approved<\/h3>\n

    Time estimate:<\/b> A few minutes<\/p>\n

    Getting pre-approved<\/a> by a mortgage lender means that the lender thinks you\u2019re a good candidate for a loan. Once you\u2019re pre-approved, you\u2019ll get an official pre-approval letter, stating how much you\u2019ll likely be able to borrow. You can use this number to guide your home search and ensure you stay on budget.<\/p>\n

    A pre-approval<\/a> can also give sellers more confidence in your offers and help you be a more competitive buyer (not all buyers take this step).<\/p>\n

    What you need to know: <\/b>To get pre-approved, you\u2019ll usually need to provide your income, estimated monthly debts, credit score, and some info about what type of home you\u2019re looking for. In some cases, the lender may require financial documentation to support these details.<\/div><\/div>\n

    Learn More: <\/strong><\/em><\/p>\n