Bee | High IQ Buying: How to apply for a mortgage

January 3, 2023

Bee | High IQ Buying: How to apply for a mortgage
How to apply for a mortgage. 

To apply for a mortgage you get with a mortgage broker or lender and complete a loan application. When processing your loan application, the broker or lender will verify you meet the qualifying criteria on three primary things, your

  • Credit
  • Income
  • Assets


Each lender has a minimum credit score requirement which is usually 620 or higher, in addition to not having any bankruptcies or foreclosures in the recent past. If you don’t know what your score is but always pay your bills on time, you most likely have a high enough credit score to qualify. 

The rule of thumb for credit is that the better your score is, the better interest rate you get. Your interest rate determines how much you pay back over the life of the loan, and determines what your monthly payment is. 


A good lender will verify your income during the pre-approval process. Exceptional lenders do it electronically which is easiest for you. Your income is used to determine if you make enough money to afford the monthly mortgage payments on the home you want to buy. For most lenders, your income simply needs to be less than a debt-to-income ratio of 50% which is calculated by the lender. Your income does not impact the rate you get. 


You’ll need to prove that you’ve got enough money to cover the down payment and the closing cost of the home you want to buy. If some of the money is coming from seller credits towards closing costs, a gift from a family member or relative, or down payment assistance program, be sure to let the lender know. 

The New Home

You’ll also let them know what kind of house you want to buy and if it’ll be your primary residence. The type of home it is matters too. Whether it be a single family home, a town home, condo, manufactured home, or multi-unit property, each property type has an impact on qualifying. 

The rate you get is primarily based on the 

  • Your credit score
  • How much money you’re putting down for the down payment 
  • Loan type such as a 30 year fixed rate mortgage
  • If the home will be your primary residence, a second home, or an investment property
  • The property type (condo, multi-unit, or a regular single-family home)

When they’re done processing your loan application, they’ll let you know if you’re pre-approved or not, and how much you’re pre-approved for. Then you can give your pre-approval letter to your real estate agent and go home shopping.

Fill out the form below to contact us or call us at 855-626-1999.

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