Home Mortgage Preparation :: Mortgage Loan Application Form
Mortgage Loan Application Form:
What‘s on a Mortgage Loan Application Form?
You will find that many lenders and financial institutions use the same mortgage loan application form. This form is called a Uniform Residential Loan Application. Also known as, Form 1003, this form is available online and may be downloaded and completed for return to your chosen lender. This form is designed to be filled out by borrowers but some assistance is needed from the lender before final submission.
What Information Goes Onto a Mortgage Loan Application Form?
The first item on the mortgage application form determines the type of the loan. Options are FHA, VA, and conventional, as well as a few other loan types. This section also is where your lender will specify the amount being borrowed at what rate and for how long. Lenders will also specify in this section if it is a fixed or adjustable rate mortgage.
The next section on the mortgage application form is for property information and the purpose of the loan. This section will include the property address as well as a legal description of the property as set forth in the zoning department.
This simply refers to the lot number and the rough measurements of the property lines. This section also depicts whether the loan is for a purchase or refinance and also determines if the home will be the primary or secondary residence.
The third section of the mortgage application form is reserved for borrower and co-borrower personal information such as contact information as well as social security numbers, marital status and previous residential history.
After which, the mortgage loan application form has a section for employment and income verification. The information needed here will be employer contact information, time spent on job, and previous employment history.
Section five deals with monthly income and expenses and the next section pertains to assets and liabilities. This is where you record personal account information as well as other properties.
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Home-Mortgage-Preparation.com :: Mortgage Loan Application Form