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)
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 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 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.
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