To apply for a mortgage loan in the United States, begin by checking your credit score and report to ensure they meet lender standards (typically 620+). Next, calculate your debt-to-income ratio (DTI) to determine affordability, as lenders generally cap DTI at 43%. Gather essential documents like pay stubs, tax returns, W-2 forms, bank statements, and property details. Secure pre-approval from a lender to strengthen your offer. Submit the completed application, including the loan estimate and disclosures, and await underwriting, which may involve additional verification. Finally, close the loan by signing final documents and paying closing costs.

The mortgage application process requires meticulous preparation to ensure approval and favorable terms. A strong credit score (above 740) significantly improves loan terms, with borrowers scoring 740+ receiving lower interest rates on average, according to Fannie Mae’s 2023 guidelines. Pre-approval increases offer acceptance rates by 50%, as 72% of sellers prioritize pre-approved buyers, per the National Association of Realtors (NAR). Debt-to-income ratios above 43% often lead to rejection, as lenders view higher DTIs as risks. Additionally, 30-year fixed-rate mortgages currently average 7.25%, while 15-year rates hover at 6.5%, reflecting broader economic conditions, as reported by the Federal Housing Finance Agency (FHFA). Proper documentation reduces delays—only 23% of applications face underwriting issues when fully prepared, per the Consumer Financial Protection Bureau (CFPB). These factors underscore the importance of meeting lenders’ criteria to secure competitive rates and avoid processing errors.