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Once you have found the mortgage you want, you will begin the process of applying to the lender for loan approval. The application itself, whether or not you are approved, will cost you anywhere from $150 to $400. This makes your shopping efforts all the more important, since your budget may prevent you from making numerous applications.

The application form itself is long and tedious and requires several attachments and documents. It is a standard form developed by an agency of the federal government. No matter where you apply, you will get the same form. Don't be put off: Your broker or lender representative will assist you in the process.

Application Checklist

To speed up the process and to boost your chances for a loan approval, it is best to be prepared when you go to apply with your lender. Things to bring along:

• home and work telephone numbers of the seller and agent
• copy of sales contract for the property
• if a condo complex: Information on the development; i.e. number of units, number of units owner-occupied, etc.
• if new construction: Cost of land, acquisition date, market value, and cost of construction
• names, addresses, telephone numbers of your current and previous employer(s)
• account numbers and balances of your checking, savings and investment accounts and the institutions' addresses and telephone numbers
• same information for all credit cards, installment loans, and other debt
• W-2 forms for the last two years
• list of stocks, bonds, CD's, retirement funds, autos and their current values
• proof of other income sources (alimony, rentals, freelance income)
• value of your life insurance policy(ies)
• divorce decree, alimony records/checks
• tax returns for previous two or three years and any other proof of employment or income
• proof of real estate owned: address, market value, rentals, liens, taxes, etc.
• name and address of your attorney