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Mortgage Application Walkthrough

How to Apply for a Mortgage with Scott Buehler as your Mortgage Consultant and Loan Originator

On this page of the Complete Beginner's Guide to Home Buying, you will find a step-by-step walkthrough of my mortgage application process including various notes of the various options and screens.

On this page, you will find a button that will take you to my direct loan application. Once followed, you will be able to follow along the mortgage process.

Please note that the powerful mortgage software I use is smart, intuitive and constantly evolving. My demonstration below will not likely be an exact replica of your experience but should definitely help guide you through.

Are you ready to apply for a home loan? Be sure to check out the Mortgage Application Checklist to see what you'll need. After review, let's begin!

First Steps in Appling for a Mortgage

The very first thing you will see is a "What are you looking for?" option that provides three choices.

Screenshot of Mortgage being highlighted as the option to use during your loan application

For the vast majority of my home loan clients, the highlighted "Mortgage" option is the right choice. You would choose "Mortgage" to apply for a home purchase loan or a mortgage refinance which accounts for over 95% of my home loans. You would only choose "Home equity line of credit" after further discussion on deciding if a HELOC (pronounced he-lock) is right for you. Obviously, if you already have arrangements for a new home build, you'd choose the Construction option.

After selecting your home loan option, go ahead and click "Continue" on the next introduction screen.

From here, enter your best, highest priority email address, confirm your email then enter a preferred, secure password, read the Terms of Use, Privacy Policy, consent to use electronic signatures and other disclosures. Once done, confirm if you agree then "Create Account."

Important: Remember your email and password! Please remember the email and password you enter. You will be using these credentials often throughout the home loan process including to upload documents and to see the current status of your home loan.

Once "Create Account" is clicked, you should see my name, photo and my contact details. Click "Continue."

Getting Started Section

Select "Purchasing a new property" or "Refinance my mortgage."

Answer any basic questions that come up then enter your name, phone and other basic info then Continue.

Screenshot showing the option to add a second borrower

On this screen, it very important to select "Yes" if there will be more than one borrower on the loan. Adding another borrower will also add their qualifying income and debt to your loan application to possibly help you qualify for a larger property.

It is much easier to add an additional borrower in the online loan application now vs waiting to add them later which would require a lengthy phone call.

Do I need a second borrower on my loan? One of the topics we discuss on our introductory call explained on the purchase mortgage process lesson is qualification. I'm happy to discuss your income, debt and home purchase goals over a phone call to help you answer this question.

When adding a borrower to your loan, it is best practice to enter their contact information including email address and phone number. If the additional borrower does not have an email address or it is shared, you are free to enter the same email address, but you will both share a single login to upload documents and see your loan status.

Screenshot showing the option requesting authorization to collect a second borrower's information

The above "Access and Authorization" screen has a couple options:

  • Yes: Same session loan application. You will be asked for their identifying information, sources of income, asset info and more.
  • No: The software will email your additional borrower an invitation to fill out the loan application. They will need to click the link that is sent to their email address, set up their own password and begin their side of the loan application.

Answer any additional questions regarding sharing personal information and continue.

Getting to Know You Section

Application data and revisions: You should know that most of the data you enter into your application can be modified by me at a later time. Should you move to a new temporary address, change employers or any other change in your loan application, please notify me and I'll make the changes.

If you are applying for pre-qualification, you likely won't know the answers to many of these questions because you haven't begun the home shopping process yet. If this is your situation, go ahead and fill it out based on your home shopping preferences.

For purchase price, go ahead and enter your top-end highest amount you'd like purchase or if you are already under contract, enter the contract amount.

Proceed to fill out the remaining questions such as if you are working with a real estate agent, SSN, date of birth and a few other basic questions then click Continue.

Filling in Your Assets

It is important to add any significant bank accounts and additional assets that you want to be used in your home loan for consideration.

These accounts are required to show evidence of funds for your down payment and closing costs. Additionally, any additional funds may be added to evidence reserve funds that could help strengthen your loan.

What are reserve funds? Reserve funds are account balances that will be there after you close on your home purchase. It is recommended to add any retirement, stocks, mutual funds and other funds to document available reserves.

Do I Have to Link my Bank Accounts?

Linking your bank account(s) is a very secure process via a third-party data access provider. Doing this step will reduce the immediately required documentation needed after completing your loan application.

At Veritas Funding, we do not see your encrypted credentials entered during this process. The transfer of your information is encrypted end to end.

Do you have to opt-in to linking your bank account(s)? Absolutely not! If you'd like to add a bank account and then provide 2 months bank statements afterwards, simply type in your bank name and you will be taken to the following screen:

Screenshot showing the option to choose I don't want to link account

Select the "I don't want to link this account" button shown above and begin entering your bank account information, one account at a time.

If you have multiple accounts at your bank, be sure to click the "Add another" button to add more accounts.

If you have more than one bank, after clicking the blue "Continue" button on the first bank, you will be taken to a summary screen when you can select "Yes, add another account."

This process is certainly more time consuming but available if you wish to bypass linking your bank accounts with your home loan.

Filling in Your Income

You aren't required to include an income source unless you want it considered as qualifying income for the basis of repaying a loan.

Any and all income that is entered on this section of your loan application will need to be documented and verified. For instance, Social Security income will require your annual award letter that shows your award amount. Another example, employment may require 2 years W-2's and paystubs.

Entering Real Estate Information

Please fill out this section if you currently own any real estate. You will be asked for property type, address, estimated value, how you use the property, how the property will be used after this mortgage transaction and mortgage information (if any).

If you do not own any other real estate, please click "Start" then "No" and proceed on to the next section.

Entering Mortgage Loan Declarations

Please carefully review each question and honestly answer by toggling the "No" to "Yes" where applicable. Any "Yes" response will require you to provide an explanation and to answer additional questions where applicable.

If you have any questions regarding a question that is being asked in this section, please call me to discuss. I am happy to help answer any concerns.

Entering in Demographic Info

On this section, you will be provided the following information before continuing on to fill out your demographic information:

The purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled. For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. You may select one or more designations for "Ethnicity" and one or more designations for "Race." The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide this information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application. If you do not wish to provide some or all of this information, select "Do not wish to provide."

After reviewing this disclosure, click "Start this section" and fill out the questions accordingly.

Answering Additional Questions

On this section you will be asked additional questions to finalize and submit your loan application. You are almost done!

Current Home: We need two years residential history. Please enter your current place of residence move-in date and whether you own, rent or live rent-free. From here you will be asked additional questions based on this response.

If you haven't lived at this address longer than 2 years, additional residential history will be requested.

Have you owned property in the last three years? If you haven't owned property in the last three years, you may be eligible for first-time homebuyer programs and options.

Where else have you worked in the last 2 years? Please provide all employment history so that we have a combined 24 months of work history. Employment gaps will need additional review depending on the loan program.

How many dependents do you have? Enter the total amount of dependents you have. If you share dependents with your co-borrower, you'll be reminded to only enter additional dependents.

Reviewing Your Loan Application

Here you will be asked to review your loan information for all borrowers. Please take your time to review all of the information you've entered is accurate and correct to the best of your knowledge. You may edit any section by clicking the "Edit" button if needed.

Once you've reviewed the information for all borrowers, you will see the following final message below.

Screenshot showing loan application submission button

Congrats on submitting your loan application! Now that your loan application is submitted, I will receive an email alert that let's me know that you've completed your application. From here, you will be prompted to begin submitting your loan documentation.

Go ahead and complete as much as possible. You may skip items that aren't available by clicking other items on the left column.

Thank you for trusting me with your home loan!

Important Disclaimers

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. Scott Buehler updates this information periodically. This information may include links or references to third-party resources or content. Scott Buehler or Veritas Funding does not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that may also serve your needs. Veritas Funding does not offer real estate services. Contact a licensed Real Estate Agent for real estate information. Veritas Funding does not provide credit repair services. Veritas Funding does not offer tax services. Contact your tax preparer for advice on your personal or business taxes.