What Is the Process of Applying for a Mortgage?

There are several steps to apply for a mortgage:

  1. Find a qualified lender, typically a commercial bank.

  2. Submit proof of identity, proof of income, and other required documents to the lender.

  3. Negotiate and sign a mortgage agreement with the lender. The contract will list the property being mortgaged, the type and amount of the loan provided, as well as the time period and requirements for the borrower to complete repayment.

Tellus TIP:

A mortgage is a huge and complex transaction for most people. Pay careful attention to the details and be cautious about the terms and requirements outlined in the agreement.