To apply for a mortgage loan in the United States, follow these steps: 1) Check your credit score and correct any errors. 2) Determine affordability using the 28/36 rule (housing costs ≤ 28% of income, total debt ≤ 36%). 3) Obtain pre-approval from a lender to strengthen your offer. 4) Gather documents: pay stubs, tax returns, bank statements, W-2s, and employment verification. 5) Compare loan estimates from multiple lenders. 6) Submit the completed application and signed disclosures. 7) Underwriters review documents, conduct a property appraisal, and verify financial stability. 8) Close the loan after final approval and signing of closing documents.

The mortgage application process requires meticulous preparation to ensure approval and favorable terms. A credit score below 620 often results in higher rates or denial, while scores above 740 qualify for the best rates (Federal Reserve, 2023). Pre-approval saves time by setting a budget and increases purchase power, with 72% of buyers who pre-approve secure offers faster (National Association of Realtors, 2022). Lenders prefer 20% down to avoid private mortgage insurance (PMI), reducing monthly costs by 0.5%-1.0% (Fannie Mae, 2023). The 28/36 rule aligns with conforming loan standards, ensuring repayment capacity. Delays in document submission or credit score issues can extend underwriting by 7-14 days, increasing closing costs (Consumer Financial Protection Bureau, 2023). Choosing a lender with competitive rates (e.g., 30-year fixed rates averaged 6.5% in Q3 2023) and low origination fees (0.5%-1.5%) minimizes long-term expenses. Property appraisals averaging $450-$600 (Zillow, 2023) prevent overpayment, while title searches ($500-$1,000) mitigate legal risks. Closing typically takes 30-45 days, with 65% of buyers closing within 30 days of underwriting approval (MBA, 2023). Proper planning ensures compliance with regulations like the TILA-RESPA Integrated Disclosure (TRID) and avoids penalties for incomplete submissions.