How do you get a mortgage loan?

To obtain a mortgage loan, locate a loan lender, complete an application and provide the lender with necessary documentation. After reviewing and accepting your application, an interest rate and final loan amount is offered.

1. Locate a mortgage lender

   Mortgage loans are offered by traditional banking institutions and credit unions. Shop around for a lender that meets your financial and loan requirements.

2. Gather necessary documents

   Be prepared to deliver documentation to prove your financial stability, current employment status and credit. If you're applying with a co-signer, the co-signer must also provide the aforementioned documents. The required documents may differ based on loan lender.

3. Complete the mortgage application

   Once you've collected the required documents, fill out a mortgage application with your selected lender. Complete the application as accurately as possible. Inaccurate and incomplete information can delay the processing duration or prohibit loan approval.

4. Disclose down payment amount

   Be prepared to pay a down payment. Actual down payment amounts vary based upon the mortgage type, home value and creditworthiness. Typically, down payments range from zero to 20 percent of the home's value.

5. Approve mortgage offer

   Once the lender has reviewed and confirmed your application, a lending decision is made. If approved, review the final offer. Pay special attention to interest rates and whether this rate is fixed or variable. To prevent fluctuating interest rates and mortgage payments, choose a fixed-rate mortgage.