Applying For A Mortgage (Important Info + 6 Steps)


Buying a house can be stressful. That is why preparing for and understanding the process can decrease some of the stress  of applying for  a mortgage.

The most obvious reason is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to  30 years.

Even if you are not buying an investment property and could afford to buy the house in cash, there are still valid reasons to apply for a mortgage.

Applying for a mortgage is a process. Here are the 6 steps that need to be done by the borrower. - Pre-approval - Getting property under contract - Application - Underwriting - Commitment - Closing

The process of getting a mortgage can be time-consuming and feel cumbersome. But, in the end, there can be many benefits to the borrower.

Having a clear understanding of the process and the bank’s requirements has the best chance of running smoothly.