Getting Started: 

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

To complete the 1003 Mortgage Application you will need to gather:

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

Having these items on hand when you visit the mortgage company will help speed up the application process.   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.