To apply for a mortgage-secured property, follow these steps: 1) Check your credit score and correct any errors. 2) Calculate affordability using the 28/36 rule (housing costs ≤28% of income; total debt ≤36%). 3) Get pre-approved by a lender. 4) Select a mortgage type (fixed-rate, adjustable-rate, VA, etc.). 5) Submit a loan application with documents (pay stubs, tax returns, bank statements). 6) Underwriting review and appraisal. 7) Close the loan. Lenders typically require a down payment (3.5%-20%).

The mortgage application process ensures financial readiness and compliance with lending standards. A credit score above 620 improves approval chances, with 80% of loans denied for scores below 580 (Federal Housing Finance Agency, 2023). The 28/36 rule aligns with HUD guidelines to prevent overleveraging, reducing default risks by 30% (Consumer Financial Protection Bureau, 2022). Pre-approval increases offer strength, with 43% of buyers winning bids after pre-approval (Zillow, 2023). Underwriting approvals average 75-85%, but delays occur in 15-20% of cases due to appraisal discrepancies ( FHFA, 2023). A 20% down payment eliminates private mortgage insurance (PMI), saving $50-$150 monthly on a $300k loan (FHA, 2023). These steps balance risk mitigation for lenders and affordability for borrowers.