When you have decided on a mortgage that you think is right for you, the next step is to make the application to the lender. The loan approval process generally begins with an initial interview where you and the mortgage professional meet to discuss the potential loan. You will need to bring information to verify your income and long term debts.

You will need to provide a certain amount of information whoever you apply to. Your lender will want to know about your current financial commitments such as other loans, credit card debts and the like. To do this, they will need to see the following documentation:

• Pay stubs, tax returns for two years, W2 withholding forms, or other proof of employment and income verification
• Balance sheets and tax returns, if you are self-employed.
• Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months
• Credit card bills for the past few billing periods and canceled checks for utility bill payments or rent, to show payment history and amount of revolving debt
• Details ofother consumer debt such as retail credit cards, student loans, car loans and furniture loans.
• If you are using a gift from a parent or other party to help pay the down payment and/or closing costs, you will need to bring a gift letter. This simply states that the money is in fact a gift and will not have to be repaid.
• A purchase contract for the house (if you have one).

You may prefer to meet with the mortgage company before you start looking for a house, so that you can determine in advance how much you can afford and the mortgage amount for which you can qualify. This pre-qualification step can save you time and trouble by making sure you are house hunting in the right price range.

When you submit the mortgage application, you will normally have to pay an application fee and appraisal fee. The mortgage company will normally let you know if you qualify for the loan within days.