Applying for a mortgage? Here’s every step from preapproval to closing

Getting a mortgage asks a lot of you upfront. You’re pulling together documents, responding to lender requests and making sense of terms like ‘underwriting’ while trying to find a home.

The good news is that the application process follows a predictable path. Applying for a mortgage typically involves reviewing your finances, getting preapproved through a mortgage lender, submitting an application and undergoing financial evaluations before closing. Here’s what to expect at every stage, from financial prep to closing day.

The mortgage application process typically starts with a lender, whether that’s a bank, credit union, mortgage broker or online lender. Oftentimes, the application process can be completed entirely online.

Your lender works with you to gather necessary documents, review your credit and finances and issue your preapproval so you can secure your mortgage and close on a home. You can also compare several lenders and their terms before committing.

There are several steps required to fully complete the mortgage application process and purchase your property:

Head to AnnualCreditReport.com and pull your free reports before you do anything else. Look for errors, late payments and high balances; all three can drag down your score and limit which loan types you qualify for.

Original source: https://www.usatoday.com/money/