There are five steps involved in getting a mortgage. Initially, Sarah and her husband, Jim, filled out an application. Next, they made a down payment , about 10% of the loan amount. Next, the bank checked their income , work history, bank accounts, credit history , the sales contract and the property . The bank w anted to make sure that the Bergans were able to afford the loan and the house was worth the price. This step took six week . Once the application was finally approved, the closing date was set. Then, the Bergans celebrated-they owned their first home.