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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
About The Author
Jakob Jelling is the founder of
http://www.cashbazar.com.
Visit his website for the latest on personal finance, debt
elimination, budgeting, credit cards and real estate.
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