Friday, April 15, 2011

The Mortgage Loan Application - Page 1

First, get a copy of the loan application by clicking here.

The Loan Application
  • There are 4 pages in a mortgage loan application
  • It is divided into 10 sections
  • This tip will discuss Sections I, II, and III (all on page 1)
NEVER complete the loan application by yourself. The lender should ALWAYS do it for you. If your lender tells you to complete it yourself, or to complete it online, then you need to find a new lender.

Section I
  • Section I is TYPE OF MORTGAGE AND TERMS OF LOAN
  • Tells you the type of loan: VA, FHA, USDA Rural, or Conventional (non-government)
  • Loan amount
  • Interest rate (even if the rate is not locked)
  • Number of months that the loan is amortized
    • 360 months for 30-years, 180 months for 15-years, etc.
  • Amortization type: fixed rate or ARM (adjustable rate mortgage)
Section II
  • Section II is PROPERTY INFORMATION AND PURPOSE OF LOAN
  • Lists the property address
  • Number of units you are buying or own (refi)
  • Year the property was built
  • Purpose of the loan: purchase or refinance
  • Primary residence, second home, investment
  • Lists who will be on title (who will own the property)
Section III
  • Section III is BORROWER INFORMATION
  • Borrower’s and Co-Borrower’s name
  • Social Security numbers
  • Phone number, birth date, marital status, number of dependents
  • Two FULL years of residency information – every place the borrower lived in the past 24 months
Important!
  • You should NEVER complete the application by yourself – either manually or online
  • A good lender needs 15 minutes to complete the application
  • You should make sure the information is correct – if it is incorrect, cross it out and enter the correct information before signing
  • If you feel pressured by the lender, do NOT sign
  • GET A COPY of everything you sign!!!


Want to see a video of this tip?  Here is the link:

http://www.mtgsupportservices.com/Mortgage_Video_Tips.html

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Want to make sure your loan closes? Call us at 303-345-3683.

No comments: