How to Apply for a Mortgage: Step-By-Step Guide

In this video, you'll learn how to apply for a mortgage (step-by-step). When applying to get a mortgage for a new home purchase, it is a good idea to understand all you need to know about the types of mortgages, eligibility requirements, origination fees, and average monthly payments before starting the actual homebuying process.
Let’s look at a typical mortgage application process and what you need to know to make your mortgage application successful.
What Are Mortgage Lenders Looking for in an Applicant?
It is common for the best mortgage lenders to evaluate your loan application using specific parameters when applying for a loan.
These parameters or factors are typically referred to as IPAC within the mortgage industry. IPAC stands for Income, Property Type, Asset, and Credit.
Timestamps:
0:00 Apply for a Mortgage Overview
0:37 What Are Mortgage Lenders Looking for in an Applicant?
0:53 IPAC - Income, Property Type, Asset, Credit
1:01 Factor 1: Income
1:23 Factor 2: Property Type
1:43 Factor 3: Assets
2:05 Factor 4: Credit
2:40 Documents You Need When Buying a House
3:18 How to Apply for a Mortgage (Step-by-Step)
3:22 Step 1: Shop Around and Compare Rates
3:49 Step 2: Get Pre-Approved for a Mortgage
4:31 Step 3: Compare & Research Properties
5:03 Step 4: Make an Offer on a House
5:40 Step 5: Mortgage Underwriting
6:27 Step 6: Close On Your Loan
7:06 Step 7: Make Monthly Payments
7:32 Quick Recap
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[@drew2484]

Great rundown on what it takes to get a mortgage! Awesome insight and love the depth.

[@simplemoneylyfe]

Thank you!