The mortgage application process is where you fill out the application, sign various forms that authorize the lender to process your loan, and deliver your documentation requirements. (Bank statements, pay stubs, W2s, etc…)
In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.
Today, to get approved for a mortgage and qualify for the best rates, good credit is more important than ever. When you apply for a mortgage to purchase or refinance a home, lenders need to determine your credit worthiness.