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Fidelity Residential home
The process

How to apply for a mortgage, step by step

From your first call to closing: what happens at each step, how pre-qualification and pre-approval differ, how to choose a fixed or adjustable rate, what to avoid along the way, and how to start with us.

Prefer to talk? Call 732-686-9999

  • Direct, licensed mortgage lender
  • NMLS #103098
  • Equal Housing Lender

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Fidelity Residential · NMLS #103098 · Equal Housing Lender

  • Direct, licensed lenderNMLS #103098. Check our licences on NMLS Consumer Access.
  • A licensed loan officerA real person reviews your file and answers your questions.
  • Plain-English guidesShort answers to the questions borrowers ask most.
  • Apply online or by phoneStart a quote, apply online or call 732-686-9999.
In short

How to apply for a mortgage, in short

Applying for a mortgage comes down to a handful of steps: talk to a licensed loan officer, get pre-qualified or pre-approved, choose the loan, complete the application and send your documents. The appraisal, underwriting and closing follow. The lender’s job is to check what you tell it. Your job is to answer requests quickly and keep your finances steady until you sign.

The steps are the same whether you choose a fixed or an adjustable rate, and whether you show your income with pay stubs, tax returns or, on an alternative documentation loan, other papers. What changes from one borrower to the next is the list of documents and the program rules, not the order of the steps.

To start with Fidelity Residential, ask for a quote online, apply online, or call a licensed loan officer at 732-686-9999. A loan officer asks about the home, your savings, income and credit, and quotes the options that fit.

Step by step

The steps to a mortgage

From the first conversation to the keys. On a refinance, skip step 4.

  1. Talk to a loan officer and get a quote

    Tell a loan officer about the home you want to buy or refinance, your savings, how you earn and your credit. You hear which programs fit, and you can ask for a fixed and an adjustable option side by side.

  2. Get pre-qualified or pre-approved

    A pre-qualification is a quick first estimate. A pre-approval goes further: the lender reviews your credit, income, assets and debts before you choose a home. See the difference below.

  3. Choose the loan

    Pick the program, a fixed or adjustable rate and the length of the loan. Compare the rate, the costs, points or credits and the APR on your Loan Estimates for the same program.

  4. Find the home and sign the contract

    Stay within the price range you set. Put every agreement in the written contract, including any inspection and financing conditions.

  5. Complete the application

    You complete the application and allow a credit report. Your lender gives you a Loan Estimate after you apply, with the estimated rate, payment and closing costs.

  6. Send your documents

    The automated underwriting findings list the documents your loan needs. Most borrowers start with identification, income papers and complete statements. See the document checklist.

  7. The appraisal

    An appraiser values the home, or the program’s automated system may offer another way to confirm the value. On a purchase, you arrange your own home inspection.

  8. Underwriting and conditions

    An underwriter checks your documents against the program rules and returns a list of conditions: the proof still owed. Each one you answer quickly keeps your closing date.

  9. Lock your rate

    Lock for long enough to reach your closing date, with room for delays. Our rate lock policy sets out when a lock can be taken.

  10. Review the Closing Disclosure and close

    Before closing you receive your Closing Disclosure with the final figures. Compare it with your Loan Estimate, ask about anything that changed, and sign.

Before you shop

Pre-qualified or pre-approved?

A pre-qualification is a quick estimate of what you may be able to borrow, based on what you tell a loan officer.

A pre-approval goes further: the lender checks your credit, income, assets and debts first. It helps you know your price range and shows sellers you are a serious buyer. It is not a final approval or a commitment to lend; the home and the full file still go through underwriting.

With competing offers, sellers often weigh the strength of a buyer’s letter alongside the price, so ask your lender which kind of letter you are holding.

What a pre-approval helps with

  • Knowing your price range before you look
  • Making a stronger offer
  • Moving to closing with much of the work done
Fixed or adjustable

Choosing a fixed or adjustable rate before you apply

You apply the same way for either, and we can quote both so you can compare them. A fixed rate is a feature, not a program of its own, so most of the programs we offer can be set up with one.

Fixed rate

The same principal and interest payment

The interest rate is set at closing and does not change, so the principal and interest payment stays the same for the life of the loan. It tends to suit you if you plan to stay in the home for many years, want a steady budget, and would rather not take the chance that rates rise later. If rates fall after you close, the only way to a lower rate is to refinance, which has closing costs.

Fixed rate mortgages
Adjustable rate

Fixed for a set period, then it can change

The rate is fixed for a set number of years, then can go up or down at set times, within limits called caps. It can make sense if you expect to sell or refinance before or soon after the fixed period ends, or if your budget could absorb the highest payment the caps allow. Ask for that highest payment before you choose.

Adjustable rate mortgages

Put two options side by side with the loan comparison calculator, or read choosing a loan program.

Self-employed and investors

Applying when your income is hard to document

The steps are the same if you are self-employed, paid on 1099 forms or living on your savings. What changes is step 6. Instead of tax returns, an alternative documentation loan can use bank statements, 1099 forms, a profit and loss statement your tax professional prepares, a form your employer completes, or your assets. A loan officer matches the way you document income to a program whose rules fit your file, then gives you the documents list for that option.

Rental investors can apply for a DSCR loan, a business-purpose mortgage on a rental property, qualified on the property’s own rent instead of your personal income. No tax returns or pay stubs are used; your credit, the money for the down payment and reserves, and the appraisal are still checked.

On track

Keep your loan on track

Be complete

Fill in the application fully

Missing details cause delays. Tell your loan officer about anything unusual early.

Be prompt

Answer requests promptly

Send any documents asked for as soon as you can, especially when your rate is locked or your closing date is set.

No new debt

Hold off on big purchases

Do not buy a car or furniture on credit, or open new accounts, until after closing.

Traceable money

Do not move money without a record

Large deposits must be traced. If family is giving you money, tell your loan officer first.

Plan ahead

Plan for closing day

If you will be away, ask early about other ways to sign, such as a power of attorney.

Cash out

Explain the purpose

On a cash-out refinance or a home equity loan, you may be asked how you plan to use the money.

Closing

Closing the loan

More in our guide to closing

  • Review your Closing Disclosure before closing day and compare it with your Loan Estimate.
  • Bring identification and your funds to close, usually by wire or cashier's check; confirm wiring instructions by phone.
  • Read before you sign. Check that the rate, the terms, your name and the address are right.
  • On a refinance or home equity loan on your main home, federal law gives you a short time after signing to cancel, so the money is paid out after that time passes.
Start here

How to start your application with Fidelity Residential

Three ways in. Whichever you choose, a licensed loan officer reviews your file and answers your questions.

Quickest

Get a quote

A few short questions online, and a licensed loan officer gets back to you with the options that fit.

Get a quote
Ready to go

Apply online

Ready for the full application? Start it online at any time, then send your documents when your loan officer asks.

Apply online
Prefer to talk

Call a loan officer

Talk it through with a licensed loan officer before you decide anything.

Call 732-686-9999

Getting your papers together first? Use the mortgage documents checklist.

Questions

Common questions about applying for a mortgage

How do I apply for a mortgage?

Talk to a licensed loan officer, get pre-qualified or pre-approved, choose the loan, complete the application and send your documents. The appraisal, underwriting and closing follow. With us, you can start with a quote, apply online or call 732-686-9999.

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

A pre-qualification is a first estimate of what you may be able to borrow, based on what you tell a loan officer; nothing is checked yet. A pre-approval goes further: the lender reviews your credit, income, assets and debts before you choose a home and gives you a letter for a loan amount. Neither one is a final loan approval or a commitment to lend: the home still needs an appraisal, and the full file still goes to underwriting.

How do I apply for a fixed rate mortgage?

The same way as any mortgage. Ask for a quote on a fixed rate, choose the length of the loan from the terms the program offers, and apply. A fixed rate is a feature, not a program of its own, so most programs can be set up with one, and the rate is fixed in your loan documents when you sign. See fixed rate mortgages.

Can I apply if I am self-employed?

Yes. You can apply on the standard route with your tax returns, or with an alternative documentation loan that uses bank statements, 1099 forms, a profit and loss statement or your assets instead. A loan officer matches your option to a program whose rules fit your file. See alternative documentation loans.

Does applying for a mortgage affect my credit?

The application includes a credit report, which the lender needs to review your file. If you are comparing lenders, ask each one for a Loan Estimate for the same program and compare them. Once you have applied, hold off on opening new accounts or buying on credit until after closing.

What happens during underwriting?

An underwriter checks your documents, your credit and the appraisal against the program rules. Underwriting usually returns a list of conditions, the proof still owed, such as an updated statement or a short note about a deposit. Once the conditions are cleared, the loan can move to closing.

How long does it take to get a mortgage?

It depends on the loan, the property and how quickly documents come in. A purchase works toward the closing date in your contract, and your loan officer can give you a timeline for your own file. Answering requests promptly is the biggest thing you control.

What should I avoid while my loan is in process?

Opening new accounts, buying a car or furniture on credit, moving money without a record, and changing jobs without telling your loan officer. Large deposits must be traced, and a new debt or credit check that was not disclosed at the start can hold up the file.

When can I lock my rate?

Our rate lock policy sets out when a lock can be taken and what must be in your file first. Whenever you lock, choose a period long enough to reach your closing date, with room for delays.

Do you lend in my state?

Fidelity Residential is licensed in many states. The full, current list is on NMLS Consumer Access (opens in a new tab), or call us at 732-686-9999.

Have a question we did not answer?

Talk it through with a licensed loan officer, get a quote, or apply online.

This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.

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