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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.
About The Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the
latest on personal finance, debt elimination, budgeting, credit
cards and real estate.
MORE RESOURCES updated Wed. June / 07 / 2023
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