Comparison-shopping pays off financially, as well. In fact, applying with multiple mortgage lenders helps you save money — as much as $1,200 a year, according to Freddie Mac research.

When you’re applying for a home mortgage, you generally need a credit score of at least 620 to be approved. However, government-backed mortgages might come with lower credit score requirements.

Whether you're applying for a mortgage, a car loan or a credit card, a lender may look at your DTI to see if you can handle more debt. If the figure is too high, you might be rejected or receive a ...

Prequalifying for a home loan is the first step of the mortgage application process. To quickly estimate your monthly payment, use Forbes Advisor’s mortgage prequalification calculator. Simply ...

To apply for a non-qualified mortgage, gather necessary documents like tax returns and bank statements. Lenders assess your ability to repay the loan based on factors beyond traditional income ...

If you plan to apply for a mortgage in the near term, avoid applying for other financial products, such as a credit card, or even a new phone plan, Hinduja says.

3. Hold off on applying for any other new credit for now If your goal right now is securing a mortgage, try to keep your eye on the prize.

For example, if you have a $400,000 home and have $320,000 left on the mortgage, you have the necessary 20% equity. Most lenders allow you to borrow up to 85% of your current equity.