Step 4: Submit Your Application
Once your offer is accepted, you will formally apply for the mortgage using the Uniform Residential Loan Application (URLA / Fannie Mae Form 1003). You will confirm your personal information, property details, loan type, and provide a comprehensive document package. The lender is required by law to issue a Loan Estimate within 3 business days of receiving your application, detailing estimated interest rate, monthly payment, and closing costs.
Key Takeaways
- ✓ You have 10 business days after receiving the Loan Estimate to decide whether to proceed.
- ✓ Do not change jobs, make large deposits, or open new credit accounts after applying.
- ✓ The Loan Estimate interest rate may change—lock your rate to protect against increases.
- ✓ Provide documents promptly; delays in your file can push back the closing date.
What Happens During Submit Your Application
Detailed content for this step is coming soon. Check back for in-depth guidance on submit your application, including common questions, timelines, and tips from our licensed mortgage advisors.
What You'll Need
- ■ Signed purchase agreement for the property
- ■ W-2s, 1099s, and tax returns (2 years)
- ■ Recent pay stubs and bank statements
- ■ Gift letter (if using gift funds for down payment)
- ■ Homeowners insurance quote or binder
- ■ Landlord contact information for rental history verification