1. First, discover the mortgage that best suits your requirements. Commonly, you have 30-year and 15-year Fixed Rate Mortgages (FRMs) for which the interest rate remains fixed throughout the loan term. Other types are Adjustable Rate Mortgages (ARMs) interest rate changes at set times, Jumbo Loans and Hybrid/Combo Loans.

2. Do an estimate on the size of the house you are planning to buy. In doing so, consider the equity of your present home if you have one, money you are ready to pay, monthly payments, taxes, closing costs and insurance.

3. Before applying for a mortgage loan, make sure that you will have a good credit report. This is because the lender will check your credit report from reporting agencies such as Equifax, Experian or Trans Union.

4. If you don't have a home by now, get the pre-approval and pre-qualification from a lender. With this, you will know the loan amount you are eligible for and a review of your credit history. And this will facilitate you to improve your buying power.

5. When applying for a mortgage loan, be ready with the necessary documents and papers. You may need to produce the following papers:

List of your previous creditors, such as credit cards, car loans, and student loans together with monthly payments and balances.

     a. Documents that show your sources of income.

     b. Federal tax returns from the past two years.

     c. Investment records including mutual fund statements, real estate and automobile titles, stock certificates and records of any other investments or assets.

     d. Recent payroll check stubs.

     e. W-2 forms of the past two years.

6. USMortgageWeb.com lenders will assist you fulfill your needs and recommend the right mortgage loan options for you. Our lenders provide different Mortgage Loan programs with the best current mortgage rates and a detailed portfolio of options and products.

7. In addition to the rate, check on points (pre-paid mortgage interest which will increase your upfront costs), APR, and other fees associated with a given loan. Compare mortgages and talk to several lenders before you apply for your loan.

8. Prepare for closing

Make sure the closing is scheduled before your loan commitment and any rate lock-in will expire. And be sure there is enough time to finish any loan documentation and complete any home inspections or repairs.

9. At the closing of your loan process, you will have to sign legal documents and pay closing costs (these could include surveying, taxes, insurance, attorney fees, agent fees, points, loan origination fees, PMI and balance of down payment).

10. Servicing the mortgage

At closing, your mortgage lender must tell you who will be servicing or administering, your mortgage loan. Traditionally, the mortgage banker would service the loan for the life of the mortgage on behalf of the investor. However, the servicing may be handled by a third party.