1. Submit your application
Once you've chosen a lender, you'll need to complete a mortgage application and provide documentation such as pay stubs, bank statements, and tax returns.
2. We check your credit score
Before applying for a mortgage, you should determine how much you can afford to borrow based on your income and expenses. You should also check your credit score, as it will impact your eligibility for a mortgage and the interest rate you'll receive.
3. Match you with the perfect mortgage
Research and compare mortgage lenders to find one that offers competitive rates and terms. You can work with a mortgage broker who can help you shop around or apply directly to a lender.
4. Get pre-approved
After submitting your application, the lender will review your financial information and provide a pre-approval letter. This letter will show sellers that you're a serious buyer and can afford the home you're interested in.
5. Underwriting and approval
Once you've found a home, the lender will conduct a thorough review of the property and your finances. This is known as underwriting. If everything checks out, you'll receive final approval for the mortgage.
6. Closing
At closing, you'll sign all the necessary paperwork, pay any closing costs, and receive the keys to your new home. Congratulations, you've successfully completed the residential mortgage lending process!
