Often it can take days, even weeks, to finalize all the necessary paperwork when applying for a mortgage loan, so you'll want to be prepared when it comes time to hand over the proper documentation to your loan officer.

Because preparing to buy a home can be very stressful, the last thing you want to be doing at the last minute is digging through piles of paperwork trying to locate last year's tax forms or your bank statements.

By spending a little time getting organized early in the process, you'll be ready to hit the ground running when it's time to apply for your loan.

One way to get organized is to start a home-buying file. Put papers, sales brochures and other related information in the file, including credit data, loan documents, real estate listings, inspection reports, area maps, and insurance information.

For the initial loan application process, lender Freddie Mac recommends gathering all your pay stubs for the past 30 days, W-2 forms for the past two years, information on your long-term debts (car loans, student loans, etc.), recent bank statements, tax returns for the past two years (especially if you're self-employed), proof of any supplemental income, records of any past derogatory credit history that you've paid off, and records of child support or alimony (either going in or coming out).

After you apply for your mortgage, Freddie Mac says your lender will schedule a loan interview with you and give you a list of the documentation you'll need to bring to the meeting.

Typically that documentation includes:

Published: March 17, 2003

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