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Mortgage Rates and the Loan Application Process

Qualifying for financing is the most important step in buying a home. Researching mortgage rates and reaching out to mortgage lenders to see how much house you can afford takes precedent before even looking for a home. Assessing your financial capabilities will help you understand how much of a loan you will need and how much money you will need for the real estate closing and the monthly expenses of owning a home. View all mortgage rates today.

Current Mortgage Rates

Enter in your price, location, down payment, and credit score below to find the best mortgage lenders for you.

What to expect when applying for a mortgage

When applying for a mortgage loan, the lenders loan officers, processors, and underwriters will review and examine required documentation about your financial situation to see if you qualify for a mortgage loan with their organization. Types of documentation required by lenders are below.

  1. Income – from all sources, household income including salaries, bonuses, interest and dividend income, Social Security, and other verifiable sources.
  2. Assets – cash available, liquid assets (marketable securities), gifts, equity from previous residence.
  3. Credit – your payment history as reported to credit repositories and reflected in your credit score.
  4. Property – single family, multifamily (condo or co-op), used home or new construction, neighborhood data.

Before starting the mortgage application process it is always a good idea to check your credit for any issues, especially ones that can be improved to help your mortgage application process for a lower interest rate. You can learn more about checking your credit here.

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Mortgage Loan Checklist

Learn about the mortgage loan process and read tips on how to make the process easier for you.


Homebuyer Mortgage Tools

Download our Mortgage Loan Checklist PDF and our Home Buying Checklist PDF to help you organize and make buying a home as smooth as possible.

Mortgage Loan Checklist PDF Home Buying Checklist PDF
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