Applying for a Home Loan
by: Jakob Jelling
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.
By Jakob Jelling
http://www.cashbazar.com
Mortgage
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