How to Apply for a Mortgage Loan Online?

Applying for a mortgage is the first step toward owning a home, showing you how much home you can afford. The process might seem overwhelming, but FSB's Mortgage Team will help you from start to finish!

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Must be 18 or older to apply. Loans are subject to credit approval.

Starting A Mortgage Application

Mortgage prequalification is your first glimpse into the amount you might be eligible to borrow. It's based on a self-reported review of your finances without a deep dive into your credit history.

Getting prequalified is straightforward. It often requires a brief conversation with a mortgage lender or a quick online application.

What You Need To Apply For a Mortgage

To streamline the application process, gather the following documents for yourself and any co-borrower(s):

Accurate information is essential when completing an application to ensure a smooth and efficient approval process. Remember, every situation is unique, and you may be asked to provide more details about your employment and finances.

How FSB's Mortgage Team Can Help

FSB is committed to guiding you through the homebuying journey. From the moment you apply to determining the best mortgage option for your needs, the local lenders at FSB are here to support you.

Contact FSB's Mortgage team at 319-730-6990.

Prefer to reach out online? Request to be contacted here.

Additional FAQs: Mortgage Applications

What are the first steps of applying for a mortgage?

• The first steps include reviewing your finances, checking your credit score, and getting prequalified with a lender. Prequalification provides an estimate of how much you can borrow, helping you establish a realistic budget. You’ll also want to gather key documents, such as bank statements, proof of income, and tax returns, to streamline the process.

What are the three requirements to get a mortgage?

• The three primary requirements are:
  • Proof of income to show you can repay the loan.
  • Credit history that meets the lender’s minimum score guidelines.
  • Down payment funds or equity to meet the loan program’s requirements.

What not to do before applying for a mortgage?

• Avoid actions that could lower your credit score or raise red flags with lenders. Do not:
  • Open new credit accounts or take on large debts. Wait to have your credit checked again until after closing on your home.
  • Make big purchases that reduce your savings.
  • Switch jobs or reduce your income without a clear explanation.

What are the 6 items that trigger a loan application?

• Under federal guidelines, a loan application is triggered when a lender receives all six of these items:
  • Name
  • Income
  • Social Security number
  • Property address
  • Estimated property value
  • Loan amount requested

What is the 28/36 rule?

• The 28/36 rule is a guideline lenders use to measure affordability. It says your monthly housing costs should be no more than 28% of your gross monthly income, and your total monthly debts (including housing) should be no more than 36% of your gross monthly income.