The loan approval process generally begins with an initial Consultation where the prospective home buyer and the mortgage consultant meet to discuss the potential loan. You will need to bring information to verify your income and long-term debts.
Often people prefer to meet with the mortgage consultant before house hunting to determine in advance what price range they can realistically afford and the mortgage amount for which they can qualify. This step is called pre-qualification and can save you much time and trouble by making certain you are looking in the correct price range.

For your first meeting with the mortgage consultant, you should bring:

• A purchase contract for the house (if you have one)
  
• Last 2 years W-2’s, If self-employed your last 2 years tax returns.
  
• One month of pay stubs.
  
• Your last 2 month bank statement, this includes checking, savings, mutual funds, brokerage accounts, and 401k retirement accounts.
  
• Divorce settlement papers, if applicable
  

Having these items on hand when you visit the mortgage company will help speed up the application process. Usually an application fee and the appraisal fee will have to be paid when you submit the mortgage application. This is only done after you have successfully negotiated on a home and have had your offer accepted by the seller. Generally, there is no fee for pre-qualification.
After the initial meeting with the mortgage consultant, you should have a general idea if you qualify for the size and type of loan you want. The mortgage company should let you know if you qualify for the loan within days. If you are denied a home loan, the mortgage company must explain the reasons. If this happens, the mortgage company will usually discuss any options with you.