Quick Introduction To Mortgage Applications

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

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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.

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