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. |
