There are many reasons why as a borrower, you would want to apply for a mortgage. The most obvious 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.
Because the prospect of getting a mortgage can be daunting, it helps to break down the process of applying for a mortgage into steps. It is really a process, and each step has a few things that need to be done by you, the borrower.
The pre-approval stage of getting a mortgage is typically relatively pain-free. First, a loan officer will ask you some questions and get basic verification of your income and credit score.
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Once you apply, the loan officer will send it to the underwriter and order the home appraisal.
The underwriting process is where the lender seeks to understand you and the property as a borrower and get comfortable giving you a loan.