Checklist

The loan approval process generally begins with an initial interview where the prospective home buyer and the mortgage professional meet to discuss the potential loan. You will need to bring information to verify your income and long-term debts.

Often people prefer to meet with the mortgage company before house hunting to determine in advance what price range they can realistically afford and the mortgage amount for which they can qualify. This step is called pre-qualification and can save you much time and trouble by making certain you are looking in the correct price range.

For your first meeting with the mortgage company, you should bring:

1. Creditors Name and Account Numbers

2. Mortgage Company Address & Account Number or Landlord Name & Phone Number for Past Two Years

3. Employment Info for Past Two Years

4. Copies of last Four Months Pay Stubs, and Last Two Years W2s, if self-employed bring copy of year-to-date profit and loss statement.

5. Copies of Last Three Months Bank Statements on All Accounts

6. Copy of Divorce Agreements and Final Decree if Needed

7. Copy of Bankruptcy Petition and Final Discharge Papers if Needed, Proof of Child Support or Alimony past 12 months stubs

8. Copy of driver’s license and social security card

9. Mortgage or renter information for last two year

10. If you receive retirement income, or SSI, bring a copy of your award letter.

11. Veteran, bring your certificate of eligibility, and copy of DD214.

12. $60.00 Loan Application Fee.

Having these items on hand when you visit the mortgage company will help speed up the application process. Usually an application fee and the appraisal fee will have to be paid when you submit the mortgage application. This is only done after you have successfully negotiated on a home and have had your offer accepted by the seller. Generally, there is no fee for pre-qualification.

After the initial meeting with the mortgage company, you should have a general idea if you qualify for the size and type of loan you want. The mortgage company should let you know if you qualify for the loan within days. If you are denied a home loan, the mortgage company must explain the reasons. If this happens, the mortgage company will usually discuss any options with you.