Applying for a Mortgage Loan in 5 Easy Steps

Applying for a mortgage can be intimidating, especially if you’re a first-time homebuyer. With all the paperwork, terms and processes involved, it’s easy to feel overwhelmed. However, it doesn’t have to be this way. With the right approach, applying for a mortgage can be simple and might even save you money. 

Let’s dive into how to streamline your mortgage application process in these five easy steps to purchasing a home.

1. Get a Mortgage Pre-qualification

One of the best ways to simplify your mortgage application process is by getting pre-qualified. Mortgage loan pre-qualification gives you a better understanding of how much you can borrow, which helps narrow down your home search to properties within your budget. It also shows sellers that you’re serious, which can give you an edge in competitive markets.

With Hancock Whitney’s digital mortgage application process you can get pre-qualified in as little as three minutes.¹ Once you’ve received your home loan pre-qualification, keep an eye on rates. Be ready to move forward when rates start to lower.

2. Get Documents & Details Ready

A smooth mortgage application starts with determining available cash on hand to make a down payment, and having your financial documents ready. Lenders will request various documents to verify your income, assets and creditworthiness. The faster you can provide these documents, the quicker your loan will be processed:

• Two years of tax returns
• Two months of bank statements
• Recent pay stubs or proof of income
• Information on any debts or loans
• Proof of assets, such as investment accounts or property

By organizing these documents ahead of time, you’ll save yourself back-and-forth communication with the lender, making the process much faster.

3. Choose the Right Lending Partner

Working with a trusted lender is essential for a homebuyer for several reasons:

• Competitive Rates and Terms: A trusted lender often offers competitive interest rates and loan terms, potentially saving the buyer thousands over the life of the loan.
  
  
• Streamlined Process: Experienced lenders guide buyers through the complexities of the mortgage process, helping them navigate paperwork, approvals and legal requirements efficiently.
  
  
• Transparency: A reliable lender is more likely to provide clear, honest information about fees, loan terms and repayment schedules, avoiding hidden costs or unpleasant surprises.
  
  
• Personalized Guidance: Trusted lenders for home loans take the time to understand a buyer’s financial situation and recommend the best mortgage type, tailored to their needs, including community lending programs that provide homebuyer education, credit counseling, financial wellness and down-payment assistance.
  
  
• Faster Closing: Working with a reputable lender can expedite the mortgage approval process, making it easier for the homebuyer to close on their home without delays.
  
  
• Clear Communication: They typically have strong communication practices, ensuring that the buyer stays informed at every step of the process.
  
  
• Reputation and Trust: Established lenders have a track record that demonstrates their reliability, which can give a buyer confidence in their ability to secure the loan and manage challenges that may arise.

Hancock Whitney provides a detailed overview of the homebuying process in a First-time Homebuyer Program Guide available for download, that includes Do’s and Don’ts, renting vs. purchasing a home, loan options, pre-qualification vs pre-approval, how to apply for a loan, an application checklist and more.

4. Apply for a Mortgage Loan Online

Thanks to technology, applying for a mortgage doesn’t have to mean endless paperwork or in-person meetings. Hancock Whitney now offers digital mortgage applications that allow you to apply for a loan online or via phone from the comfort of your home with:

• Incentives: Hancock Whitney may provide incentives toward closing costs² for mortgages pre-qualified through our digital mortgage team and closed with Hancock Whitney as the online mortgage lender.
  
  
• Convenience: You can upload documents, e-sign forms and track the progress of your application anytime with an online loan application.
  
  
• Ease: Many online applications are designed to walk you through step-by-step, reducing confusion.
  
  
• Speed: Online applications can often result in faster approval since everything is processed electronically. 

During the mortgage process, lenders may ask for additional information or clarification on certain documents. Responding quickly to these requests will also keep the process moving forward without unnecessary delays. 

A Word About Your Credit Score

A higher credit score can not only help you secure a lower interest rate, but can also make your application process faster. Lenders are more likely to approve applicants with strong credit histories, reducing the time spent on financial evaluations.

Quick ways to boost your credit:

5. Choose the Right Mortgage

Understanding the various types of mortgage loans available can help you choose the one that suits your financial situation best. Some loans may have easier requirements or quicker approval times based on your financial profile. 

Types of mortgages to consider:

• Conventional loans: Great for those with good credit and stable income, often with lower interest rates.
  
  
• FHA loans: Ideal first-time homebuyer program with lower down payment requirements and more flexible credit criteria.
  
  
• VA loans: Available to veterans, these loans offer competitive terms and often require no down payment.
  
  
• USDA loans: Designed for rural properties, these loans offer low rates and zero down payment for eligible applicants.
  
  

Learn more about home lending with Hancock Whitney

Learn more about all of the Hancock Whitney mortgage solutions and how to get pre-qualified. Connect with a lending expert near you and tell us more about your dream of homeownership.

¹ Requires timely submission of all necessary information and documentation and assumes consent will be given to perform the pre-qualification process electronically. Extenuating circumstances may cause delays outside this timeframe. Must receive all required information for pre-qualification and pre-qualification must be requested during standard business hours.

This request for a pre-qualification is not a loan approval or commitment to lend. Pre-qualifications are based on current program guidelines and are subject to change at any time, without notice.

² The mortgage loan must be pre-qualified through the digital mortgage team and actually close with Hancock Whitney; if the closing costs are less than the incentives, there is no cash back to the borrower. Offer subject to end at any time.

Hancock Whitney Bank, Member FDIC and   Equal Housing Lender. Bank NMLS# 454781.