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Making the Move: Four Steps for Applying for a Home Loan

August 16, 2019

Making the Move: Four Steps for Applying for a Home Loan


If you're considering buying a house for the first time, don't let the home loan process stop you. It can be daunting, but knowing the right steps to take can make it easier for you to secure a loan for your dream home.

Know What the Lender Will Expect

Before considering you for a home loan, banks will want specific personal and financial information, such as credit reports from all three major credit bureaus, check stubs as proof of income, and up-to-date totals in your bank accounts. Along with providing these records, it's equally important to keep your financial status stable before seeking a home loan. This includes maintaining low credit balances, not opening new accounts, and saving for the down payment and closing costs.

Determine How Much You Can Spend on a Mortgage

When trying to figure out your budget, a good rule to follow is to keep your mortgage payments at or below 25 percent of your pre-tax income. This calculation should include all housing expenses, such as taxes and insurance.

Get Pre-qualified for a Home Loan

A pre-qualification is an estimate of how much a lender would be willing to let you borrow. This is non-binding and serves as a tool to help you better understand your price range when searching for a new home.

Follow Up With Pre-approval

Once you have considered your options and decided on a course of action, you can ask your lender to pre-approve you for a home loan. This is more formal than a pre-qualification, as it gives the seller or builder a reliable summary of what you'll be able to afford. If your offer is accepted, you can proceed with your lender on obtaining a finalized loan.

Before going through the legwork of securing a mortgage, you need to make sure you find the right property. If you're looking to design a new home in the Detroit area, Robertson Homes can help. To schedule an in-person appointment, call (248) 657-4968 or contact us online.


What Our Homebuyers Are Saying

We have had a great experience building with Robertson Homes. From the beginning, Brooks worked with our budget to make this work for us and was always very responsive to our calls and emails. Since moving in, Jem has been very professional and flexible with our schedule in getting the final touches of our home complete. They have been a great team and all very nice to do business with. Building a home can feel like a long process so for us communication was key and we felt like everyone kept us up to date in the process. We have been in our home for 5 months now and we are very pleased with the quality and would highly recommend Robertson to our family and friends.

A Satisfied Homeowner | Anthem at Tribute

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