To apply for a mortgage at a bank when buying a house, follow these steps: 1) Check your credit score and correct any errors to qualify for favorable terms. 2) Pre-apply to a bank for pre-approval, which strengthens your offer in competitive markets. 3) Gather financial documents, including pay stubs, tax returns, W-2 forms, bank statements, and asset details. 4) Compare loan types (e.g., fixed-rate vs. adjustable-rate) and interest rates from multiple banks. 5) Submit a formal mortgage application with the bank, including the purchase agreement and property appraisal. 6) Undergo a property inspection and loan underwriting, where the bank verifies income, assets, and risk assessment. 7) Close the loan by signing final documents and paying closing costs.

The mortgage application process requires meticulous preparation to ensure approval and optimal terms. A credit score below 620 significantly reduces approval chances, with 43% of rejected applicants citing credit issues (Federal Reserve, 2023). Pre-approval saves time and increases purchasing power, as 68% of homebuyers in 2023 found it critical to secure offers quickly (National Association of Realtors, 2023). Financial documentation errors delay processing by an average of 14 days (Consumer Financial Protection Bureau, 2022). Comparing lenders yields an average savings of $50,000 over 30 years for a $300,000 loan at a 0.5% rate difference (Bankrate, 2023). Underwriting typically takes 30-45 days, with delays occurring in 22% of cases due to incomplete paperwork (Mortgage Bankers Association, 2023). Closing costs average $5,000-$8,000 (National Closing Cost Calculator, 2023), but 35% of buyers underestimate these expenses, risking default (Fannie Mae, 2023). These steps ensure compliance with regulations like the Truth in Lending Act (TILA) and Fair Housing Act (FHA), safeguarding buyers from predatory practices.