First decide what type of mortgage company best suits your needs. Is it your local bank or a mortgage broker? Mainly, the difference between the two is the array of programs they may have to offer and different "qualifying" standards. Your local bank may be the best alternative for you as they have all your information on file and paperwork will be less "dramatic". However, some banks have higher standards they require in order to qualify for a home loan (i.e. income, credit, debt ratio, etc.) and for some, this could get tricky. A mortgage broker can give you more "lead way" with your credit, income, down payments (if purchasing a home) etc. They normally work independently and have access to hundreds of different lenders to shop for a loan to meet your personal situation. Mortgage brokers charge a fee for this service (which is usually included in your loan) But, your chances of getting approved and at an acceptable interest rate increases with this service.



OK, you now know which route best fits your needs. Next you will want to gather this information:

1. All income - including W2's for the last 2 years, most recent paystubs for the past month, tax returns along with any other income documentation (i.e. regular income from capital gains, income from commissions and so on.) If you plan on using any child support or alimony as income, have documentation available.

2. All assets - last 2 months of bank statements, latest 401K statement, Mutual funds, stocks, bonds, etc. statements. If you sold your home have a copy of the HUD1 settlement statement. (Many of these statements can be accessed and printed by you via internet)

3. Credit - If you rent, try to have rent receipts (12 months) along with your landlords information for verification purposes. Be prepared to have answers to reasons why there may be any late payments, judgments, credit inquires in the last 3 months, charge-offs, collections or liens on your credit report. If you filed for bankruptcy in the last 7 years, have your discharge papers available.

4. If you are purchasing a home, have a copy of the purchase agreement (if you previously signed) available. If you are refinancing, have a copy of your most recent monthly mortgage bill statement.

5. Lastly and the easiest, I saved for last :) A copy of your social security card and drivers license.

Keep in mind, you do not need to have all this at hand when applying or filling out an application. BUT, it is a good idea to gather it and have it readily available in the meantime! It will save you much grief and get you a QUICK & EASY closing!