To apply for a mortgage loan at a bank, first assess your credit score and financial stability. Secure pre-approval from a lender to strengthen your home buying position. Gather essential documents such as pay stubs, tax returns, bank statements, and W-2 forms. Choose a loan type (e.g., fixed-rate or adjustable-rate mortgage) based on your long-term goals and risk tolerance. Submit a formal application to the bank, including the loan amount, property details, and underwriting requirements. The bank will review your application, verify documentation, and assess repayment capacity before finalizing approval or denial.

The mortgage application process requires meticulous preparation to ensure eligibility and favorable terms. A credit score below 620 often results in higher interest rates or rejection, as FICO data shows 62% of rejected mortgage applications in 2023 were due to poor credit. Pre-approval increases offer strength by 30%, according to the National Association of Realtors, reducing competition. Document errors delay processing by an average of 15 days, per Mortgage Bankers Association reports. Fixed-rate loans account for 75% of mortgages, as they offer predictable payments, while adjustable-rate mortgages suit short-term buyers with higher risk tolerance. Lenders prioritize debt-to-income ratios below 43%, as per Consumer Financial Protection Bureau guidelines, ensuring manageable repayment. These steps and data underscore the importance of thorough preparation to secure competitive rates and avoid delays.