In order to buy your dream home, you will have to apply for a mortgage and for that you’ll need to fill out a Uniform Residential Loan Application or Fannie Mae Form No. 1003. This application helps the lender determine whether you’re eligible for a loan and how much amount you’re eligible for.
This simple guide will help you with all the types of information that you’ll have to provide for a mortgage application, so that you won’t be intimated by it while going in.
1. Type of Mortgage and Terms of Loan
There are various kinds of mortgages you can get, like Conventional (15, 20, 30 years), FHA, VA, USDA etc. List the type and duration of the loan you want along with the interest rate and other terms on the application form.
2. Property Information and Purpose
In this section, mention the details of the property you wish to purchase. Once you write that down, the next step is to fill in the purpose of the loan, like purchasing, refinancing, construction etc.
3. Personal Information
This includes your name, present address, contact details, DOB, etc.
4. Employment Details
It includes the name, address and contact details of your employer, your position and designation with the organization, years of service, type of business etc. If you have been in the current company for less than 2 years, you’ll have to fill in the details of your previous employment as well.
5. Monthly Income and Expenses
This includes your gross income and all the expenses related to housing.
6. Assets and Liabilities
Assets include bank accounts, investments, cars, real estate etc. Liabilities include any debts like credit card balances, alimony, child support, installment loans etc.
7. Declarations
Yes/No answer to questions pertaining to bankruptcy within the past 7 years, outstanding judgments, foreclosure of a loan, party to a lawsuit etc.
However, you have to fill this complete form only if your real estate agent has specifically advised you to do so. Alternatively, you can fill out a short online mortgage application at http://www.awmlending.com/shortapp.php and get your mortgage processed in no time. For any further queries, feel free to contact AWM Lending at 702-850-2790.
This simple guide will help you with all the types of information that you’ll have to provide for a mortgage application, so that you won’t be intimated by it while going in.
1. Type of Mortgage and Terms of Loan
There are various kinds of mortgages you can get, like Conventional (15, 20, 30 years), FHA, VA, USDA etc. List the type and duration of the loan you want along with the interest rate and other terms on the application form.
2. Property Information and Purpose
In this section, mention the details of the property you wish to purchase. Once you write that down, the next step is to fill in the purpose of the loan, like purchasing, refinancing, construction etc.
3. Personal Information
This includes your name, present address, contact details, DOB, etc.
4. Employment Details
It includes the name, address and contact details of your employer, your position and designation with the organization, years of service, type of business etc. If you have been in the current company for less than 2 years, you’ll have to fill in the details of your previous employment as well.
5. Monthly Income and Expenses
This includes your gross income and all the expenses related to housing.
6. Assets and Liabilities
Assets include bank accounts, investments, cars, real estate etc. Liabilities include any debts like credit card balances, alimony, child support, installment loans etc.
7. Declarations
Yes/No answer to questions pertaining to bankruptcy within the past 7 years, outstanding judgments, foreclosure of a loan, party to a lawsuit etc.
However, you have to fill this complete form only if your real estate agent has specifically advised you to do so. Alternatively, you can fill out a short online mortgage application at http://www.awmlending.com/shortapp.php and get your mortgage processed in no time. For any further queries, feel free to contact AWM Lending at 702-850-2790.
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