How to Get a Mortgage: Step-by-Step Guide (2026)

Apr 12, 2026

Getting a mortgage is a multi-step process that typically takes 30 to 60 days from pre-approval to closing. Understanding each step in advance reduces stress, prevents surprises, and helps you close on time.

Use these tools alongside this guide: mortgage payment calculator, down payment calculator, DTI calculator, and lender comparison calculator.

Overview: The Mortgage Process at a Glance

Check and strengthen your credit.
Determine how much you can afford.
Save for your down payment and closing costs.
Get pre-approved by multiple lenders.
Find a home and make an offer.
Choose a lender and lock your interest rate.
Complete underwriting and satisfy conditions.
Close on the loan.

Step 1: Check and Strengthen Your Credit

Your credit score is the single most important factor in determining your interest rate and loan eligibility. Get free copies of all three credit reports at AnnualCreditReport.com and dispute any errors before applying.

General credit score tiers for mortgage lending:

760+ — Best rates available on conventional loans.
720–759 — Very good; minor rate premium over top tier.
680–719 — Good; you will qualify for most programs.
620–679 — Minimum for most conventional loans; FHA remains an option.
580–619 — FHA with 3.5% down; expect higher rates.
Below 580 — Very limited options; focus on rebuilding credit before applying.

If your score needs improvement: pay down revolving balances to under 30% utilization, do not open new credit accounts, and let your existing accounts age.

Step 2: Determine How Much House You Can Afford

Before falling in love with a listing, run the numbers. A general rule of thumb is that your total monthly housing payment (principal, interest, taxes, insurance, and any HOA dues) should not exceed 28% of your gross monthly income. Your total debt — housing plus car loans, student loans, minimum credit card payments — should stay under 43% of gross income for most lenders.

Use our mortgage calculator to estimate monthly payments at different price points and down payment amounts.

Step 3: Save for Down Payment and Closing Costs

You need two separate pots of savings:

Down payment: 3% to 20%+ of the purchase price depending on loan type. A 20% down payment eliminates private mortgage insurance (PMI) on conventional loans.
Closing costs: Typically 2%–5% of the loan amount. These include origination fees, title insurance, appraisal, prepaid taxes and insurance, and other lender and third-party charges.

On a $350,000 home with 5% down, expect to need roughly $17,500 for the down payment plus $7,000–$17,500 for closing costs — a total of $24,500–$35,000 at the table.

Step 4: Get Pre-Approved

A pre-approval letter is a written commitment from a lender stating the loan amount, loan type, and rate (usually approximate) you qualify for, subject to underwriting. It is not the same as final loan approval, but sellers require it to take your offer seriously.

Apply to at least two to three lenders. Mortgage rate shopping within a 45-day window counts as only one credit inquiry under FICO’s scoring model, so comparing offers does not hurt your score.

See our full guide on documents needed for mortgage pre-approval. Pre-approval letters are typically valid for 60 to 90 days. Read more about how long pre-approval is good for.

Step 5: Find a Home and Make an Offer

With pre-approval in hand, you are ready to shop for homes. When you find the right property, your agent — or Beycome’s platform — will help you submit a competitive offer. Once the seller accepts, you are “under contract” and the mortgage process moves into high gear.

At Beycome, you can search MLS listings and submit offers without paying a traditional buyer’s agent commission. Learn how our buyer program works.

Step 6: Choose a Lender and Lock Your Rate

Once you are under contract, compare final Loan Estimates from your pre-approved lenders. Review the interest rate, APR, origination fees, and closing cost totals on page 2 of the Loan Estimate. Choose the best overall offer, not just the lowest rate.

Then lock your rate — a written agreement that the lender will honor the quoted rate for a set period (typically 30, 45, or 60 days) while your loan processes. Rate locks can usually be extended for a fee if closing is delayed.

Step 7: Underwriting

An underwriter reviews your complete loan file to verify that everything you represented in your application is accurate and that the loan meets the lender’s guidelines. The underwriter reviews your income, assets, credit, employment, and the appraisal of the property.

The underwriter may issue “conditions” — additional documents or explanations required before the loan can be approved. Common conditions include letters of explanation for unusual deposits, updated pay stubs, or proof of homeowner’s insurance. Respond to conditions quickly to avoid delays.

Underwriting typically takes 3 to 10 business days but can run longer on complex files or during busy purchase seasons. See our guide on how long mortgage underwriting takes.

Step 8: Closing

Once the underwriter issues a “clear to close,” your lender sends you a Closing Disclosure at least three business days before your scheduled closing date. Review it carefully and compare it to your Loan Estimate — most numbers should match or be very close.

At closing, you will:

Sign the loan documents (typically 100+ pages).
Pay closing costs and your down payment via wire transfer or certified check.
Receive the keys to your new home.

Frequently Asked Questions

How long does it take to get a mortgage?

From pre-approval to closing, expect 30 to 60 days. Some lenders advertise faster timelines, but 45 days is a realistic target for most purchase transactions.

Can I get a mortgage with student loan debt?

Yes. Lenders include your student loan payment in your DTI calculation, but student debt alone does not disqualify you. What matters is the ratio of all monthly debt payments to your gross income.

What is the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate based on self-reported information — no credit pull, no document review. Pre-approval involves a hard credit inquiry and document verification. Sellers expect a pre-approval letter, not a pre-qualification.

Can I switch lenders after going under contract?

Yes, but it may delay your closing. Switching lenders resets parts of the underwriting process. If you do switch, notify your seller and negotiate a closing date extension if needed.

What can disqualify me after pre-approval?

Job loss or change, taking on new debt (new car, credit card), a significant drop in credit score, or a low appraisal on the property can all jeopardize final approval. Avoid major financial moves between pre-approval and closing.

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