Whether you are applying for a mortgage for the first time, refinancing or re-negotiating your existing mortgage, a successful mortgage application process requires the completion of nine steps.

Steps in the Mortgage Application Process

Communication is Key to a Smooth Mortgage Approval

There are many moving pieces during the mortgage application process. To avoid errors and omissions, it’s important to concentrate on honest, effective communication. Errors in your application can easily lead to a mortgage that is not right for you. You should also be aware that misstating facts or providing false information in your mortgage application is illegal and can have serious consequences.

Don’t become a straw borrower

Never pose as the purchaser of a home or apply for a mortgage for someone else. Applying for a mortgage that is for someone else is called being a “straw borrower” and it is illegal. You will end up being responsible for the mortgage, face legal consequences and possibly be sued by the lender. If someone asks or offers you money to apply for a mortgage for someone else, say “no.”

Be sure to provide accurate information and legitimate documentation. Read all documentation carefully and, where necessary, ask questions or seek outside legal counsel. Finally, never sign an incorrect or incomplete document.

Remember, cooperation and communication ensure a smooth and stress-free mortgage approval process.

  • Learn more about Working with a licensed mortgage professional
  • Learn more on Shopping for a mortgage
  • Read more on Signing a mortgage contract