Applying for a Home Loan

Applying for a Home Loan

If you have decided to buy a house, applying for a mortgage home loan is probably inevitable for you. Even though it is far from a pleasant process, knowledge of some details on it can help you to evade some unpleasant things on your way to approval.

First of all, there is a list of some things and documents that you need to have with you when filling out the application form. 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. You also need to remember to leave Section I, entitled Type of Mortgage and Terms of Loan, blank.

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.

© 2010, Jericho Mortgage — Applying for a Home Loan