After years of renting, you’re ready to make the exciting leap toward homeownership. Applying for a mortgage is easier than you may think, and with interest rates at historical lows, now is the perfect time to get started. If you’re preparing to buy a house for the first time, the following steps can help make the application process easy, fast, and productive.

4 Home Mortgage Application Steps for First-Time Shoppers

1. Determine Financial Eligibility

Before you start the application process, look at your take-home income and outstanding debt. You should be in a position to afford the monthly mortgage payments. Some lenders like to see a certain ratio between debt and income so that you’re not overextending yourself. Check your credit score from the three reporting bureaus: Equifax, Experian, and TransUnion. A high score will likely fetch more desirable mortgage rates. If your score is below 600, take the time to increase it by paying down credit card debt and making on-time payments.

2. Get Preapproved

On your journey to buy a house, get preapproved to find out how much mortgage you can qualify for. This step helps tailor the types of homes you should be looking for. Nothing is more discouraging than finding your dream house only to discover the price is beyond what you can afford. The preapproval process involves submitting a few details about your income and debt to mortgage lenders, who then provide estimated financing amounts.

3. Gather Documents

In addition to completing the mortgage application, you must submit several documents. These include at least two years of recent income tax returns, W-2 forms, checking account statements, paycheck stubs, ID, and your Social Security card. Lenders use these items for income and identity verification.

4. Explore Loan Program Options

There are several loan programs designed for first-time home shoppers. Some of them, such as FHA and VA loans, require little to no down payments. These government lending programs may also have lower credit score and income requirements. As you start thinking about when you want to buy a house, research different loan options. An experienced lender can help you navigate them and find one suited to your unique financial situation.

Coldwell Banker Realty Champions in Chillicothe, OH, specializes in helping first-time shoppers secure homes. Serving all of Ross County, the agency has a team of experienced and friendly agents who will gladly locate properties, help you buy a house, and assist with the mortgage application process. It’s why their motto is “Expect the Best.” If you’re in the market for a home, call (740) 775-8500 to get started. Visit the website for more information on mortgages.