Your loan documents will be slightly different depending on whether you're buying or refinancing a loan, or applying for a home equity loan.

Buying/Refinancing	Home Equity Loan
If you're salaried: 2 years W-2s, 1 month paystubs If you're self-employed: 2 years tax returns, YTD profit/loss statement
If you own rental property: provide rental agreements and 2 years tax returns
3 months bank statements for each bank, stock, and mutual fund account will speed up your approval Recent copies of stock brokerage or IRA/401K accounts	Copy of the note on your first mortgage (found in closing loan documents)
Signed letter stating what you'll do with any cash-out refinance.	Signed letter detailing what you will do with your home equity loan
Copy of divorce decree, if applicable
If you're not a US citizen: Copy of your green card (front and back) If you're not a permanent resident: H-1 or L-1 Visa

By getting pre-qualified before you apply for a loan or shop for a home, you'll have a much better idea of how much you can borrow. A pre-qualification or pre-approval letter is a nice thing to have when shopping for a home, too.

You can get pre-qualified over the telephone or online quickly. This is not a final offer, though; a much more rigorous process involving verification of credit, income, assets, and liabilities will be necessary before you are given a loan offer. Pre-approval is a good first step toward buying a home, though, and it can help you:

• Find the maximum house you can afford to eliminate time wasted looking at properties that are out of your price range.
• Gives you a stronger position to negotiate with a seller because he knows you have nearly-guaranteed cash to buy his house.
• Close quickly when you sign the purchase contract.

You need to consider a number of things before you ultimately settle on a loan:

1. How long are you going to keep the loan? If you're going to sell out soon, you may save money by going with an adjustable or balloon loan. If you plan to keep the house longer, you should look at fixed rate loans.
2. Do you know what the differences are between rates and points? Points are prepaid interest and are tax deductible; a point is equal to one percent of the loan. That means one point of $150,000 is $1500. Extra points gives you a lower rate.
3. Be sure you compare a lot of different loan programs, and do your math on them. There are hundreds of loan programs with fixed and adjustable rates, and the only way to determine which one is best for you is by looking at lots of different programs. You may be able to get some help from an experienced loan officer who's familiar with many different programs. If you do, ask lots of questions.

This should be straightforward if you have done all your paperwork up til now.

Once the loan application is received, the loan approval process will begin immediately. Your lender will verify your credit and employment history; all your assets including bank accounts, stocks, mutual funds, and retirement accounts; and the value of the property you want to buy.

You may need additional documents or verifications as well.

Your loan will be expedited if you:

1. Complete the loan application, checking for blanks that need to be filled and asking someone to go behind you and double-check again.
2. Respond quickly to the bank's requests for additional documents, especially if you have a locked rate or need to close by a specific date.
3. Don't make any major purchases until your loan closes. Any increase in debts may adversely affect your loan application's approval.
4. Don't move money into your bank account unless it can be traced. There are some federal laws controlling this, and though you probably won't have a problem with the loan closing because of this, it can drastically delay your loan. If you're getting cash from family, friends, etc., let your bank know what you're doing before you put the money in your account.
5. Don't leave town around the closing date without leaving a power of attorney so another individual can sign on your behalf if the bank's ready to close.

When you show up to your loan's closing meeting, don't forget the following:

1. A cashier's check for the down payment and closing costs; personal checks are not usually accepted.
2. You'll need to review final loan documents. You should already have read them, but you should re-check your interest rates and loan terms, just in case. Make sure that the name and address on the loan documents are right.
3. Be prepared to sign the loan documents.

After signing, your loan should close quickly. Federal law governing refinance and home equity loans requires banks to give you three days to review documents after signing before the loan can close.