The formal application shows lenders, sellers, and REALTORS® that you are serious about moving forward.

Formal Application: The application process is where you will need to sign all documents, provide copies of the requested items and return all of the information to your lender or processing center. Often times, you will be required to pay an application fee to initiate the processing of your loan. This often covers the cost of your credit report and can serve as a deposit for your appraisal. Be sure that you are clear with your lender what the loan application fee covers, if there is one.

Filling Out the Application: There are standard forms to be completed when applying for a loan. Some mortgage brokers keep these on their website so you can fill out and submit the forms on line. The information will be verified and used to qualify you for your loan, so take the time to answer questions accurately.

Documentation: The mortgage broker will need copies of the documents you began gathering in the first phase of the loan process, including:

• Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed
  
• Recent pay stubs
  
• 3 months bank and money market statements
  
• Brokerage, mutual fund and retirement account statements
  
• Proof of other income sources (alimony, trusts, rental income, etc.)
  
• Credit card statements
  
• Auto /boat / student / miscellaneous loans
  
• Drivers' license or form of ID
  
• If you're not a US citizen, then copy of your green card or visa
  
• Copy of any existing mortgage debts if you are applying for a home equity line of credit or another mortgage

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