Applying for a Home Loan
Applying for a home loan may not be the most
exciting way to spend your time, but if you are
like many potential homeowners, it is probably a
necessary evil. If you have some knowledge of
the process ahead of time, however, it will go
much more smoothly.
Home loan applications tend to be very long, but
if you are prepared ahead of time you can finish
the application procedure without breaking a
sweat. Before you begin filling out the form,
make sure you have available your Social
Security number, information pertaining to
previous employers and residences, recent pay
stubs, copies of credit card and loan
statements, copies of bank statements and asset
information such as stocks, pension and
retirement funds. Begin the form by simply
filling out each line with the requested
information but leave Section I, entitled Type
of Mortgage and Terms of Loan, blank.
Next fill out Section II, Property Information
and Purpose of Loan, with any of your available
information. Only fill in the subject property
address line, however, after you have an
accepted offer on a property. If you don't have
a property yet, simply state the purpose of the
loan as purchase or refinance, as well as the
type of property the loan will cover (primary,
secondary, or investment). Also write down all
the names in which the title will be held, how
the title will be held, and the source of the
down payment (this is usually in cash).
In Section III, Borrower Information, you must
fill out your personal information including
name, Social Security number, phone, age, years
in school, marital status, number of children
and their ages, and present and previous
employers.
Section IV is Employment Information, while
Section V is Monthly Income and Combined Housing
Expense Information (use your pay stubs for this
section).
Section VI, Assets and Liabilities, can be
filled out using bank statements, as well as
credit card and loan statements. Leave Section
VII, Details of Transaction, blank.
Finally, answer the question in Section VIII,
Declaration, then sign and date the application.
Also sign Section IX, Acknowledgement and
Agreement.
This article is the property of
www.1st-in-homeloans.com, which has been
offering home mortgage services since 2002. To
find out more visit
www.1st-in-homeloans.com
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