Quick Introduction To Mortgage Applications

 


Visitors: 104

Mortgage applications are usually taken on a standard form called the Uniform Residential Loan Application form, or the “1003 form".

A mortgage application typically has:

type of mortgage and loan term

property information and purpose of loan

borrower information

employment information

monthly income and expenses

assets and liabilities

details of transaction

declarations

acknowledgement

information for government

Type of mortgage and loan term

This section includes:

whether the loan is fixed or adjustable

the loan term in years

Property information and purpose of loan

This section includes:

original purchase price

current value

title

Borrower information

This section includes:

name

address

social security number

residential history for the past two years

Employment information

This section includes:

current job

2 years job history

years in line of work

Monthly income and expenses

This section includes:

monthly income

housing and non-housing expenses

Assets and liabilities

This section includes:

assets such as bank accounts and investment accounts

liabilities such as credit cards

Details of transaction

This section includes:

borrowing amount

closing costs

prepayment penalties

Declarations

This section includes:

citizenship status

legal problems

loan defaults

Acknowledgement

This section includes:

this is where the borrower signs the loan application

Information for government

This section includes:

demographic background

interviewer signature

Not all of the parts of the loan application need to be filled out.

Often times the loan officer you are working with will fill out this paperwork for you, so you end up with less of a burden. The liabilities section of the application is usually drawn from your credit report so that it has current data. You can review this to make sure your liabilities are current.

Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More

Subscribe to our free Mortgage and Real Estate RSS Feed - Great Free Content For Your Website

Archer Pacific's website has vast mortgage resources. There is a lot of useful content that can be used by other websites. The 25+ Mortgage Calculators will help you figure out any mortgage scenario. Get smart tips on saving on your refinance or real estate purchase. Get fresh daily content to republish on your website through our free RSS feed. There are guides to debt consolidation, bad credit issues, choosing a realtor, understanding minimum payment options, adjustable rate mortgages, 40 year loans, 50 year loans, and much more.

Email us your mortgage related questions for a quick answer.

Republish our mortgage calculators on your site for even better content.

Visit http://www.archerpacific.com to answer all of your mortgage questions!

(545)

Article Source:


 
Rate this Article: 
 
Adverse Credit Mortgage Applications Three Golden Rules
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

A Quick Introduction To UK Mortgage Insurance

by: Simon Lance Burgess (August 09, 2007) 
(Insurance)

An Introduction To Audio & Video Applications

by: Bill Rudosky (May 06, 2007) 
(Internet and Businesses Online)

Infineon MCU: introduction of industrial control applications

by: Zerry Xu (January 12, 2011) 
(Computers and Technology)

Mortgage Applications Down

by: Martin Lukac (August 31, 2006) 
(Real Estate)

Mortgage Applications Rise Again

by: Martin Lukac (August 16, 2006) 
(Finance/Mortgage Refinance)

Mortgage Applications Down Last Week

by: Martin Lukac (July 20, 2006) 
(Finance/Mortgage Refinance)

Mortgage Applications Decline

by: Martin Lukac (August 03, 2006) 
(Real Estate)

Nevada Mortgage Applications Rise

by: Groshan Fabiola (October 27, 2006) 
(Finance)

Online Mortgage Applications: Tips to Help You Apply

by: Louie Latour (August 15, 2006) 
(Finance/Mortgage Refinance)

Adverse Credit Mortgage Applications Three Golden Rules

by: Carl Baker (June 23, 2008) 
(Finance/Mortgage Refinance)