Filling Out The Loan Application

1. Property information. The application begins with a section on the property. Questions as to the type of loan sought, the terms of the loan, location and legal description of the property, the property's value, and the manner of taking title must be completed. This information is used to determine how much security for the loan will be provided.

2. Borrower information. The next section of the application request a borrower's name, address, telephone number, Social Security number, marital status, and employer. This information helps the lender to determine both the borrower's ability and willingness to repay the loan.

3. Dependence. The lender will want to know hundred dependence the borrower must support. Although children help stabilize a borrower, they also add the financial publication of the borrower.

4.Implement information. The next section of the form asks for the borrower's implement information and how to contact the borrower's employer to confirm the information given.

5. Income. The section regarding income provides space for primary implement income, over time, bonuses, commissions, dividends and interest, net rental income, and information regarding income from any other sources.

6. Monthly housing expense. The monthly housing expense is made up of such items as rent, principal and interest payments, any secondary financing payments, hazard insurance premiums, real estate taxes, mortgage insurance premiums, and homeowners association dues.

7. Assets and liabilities. In this section the borrower is required to list all assets and liabilities. Assets include cash deposit, check in saving accounts, stocks and bonds, life insurance policies, owned real estate, retirement funds, automobiles, and other personal property. Liabilities include any installment debts, automobile loans, released a loans, alimony, child support payments.

8. If this is a purchase transaction, the next section will be filled out. The buyer is to fill in the purchase price, closing costs, prepaid escrow expenses, mortgage amount, any secondary financing, an equity, amount of cash deposit, closing costs to be paid by the seller, and an estimate of cash amount that the borrower will be required to pay at the close of the transaction. In this section a loan officer can help. It may be left blank until the final closing date.

9. Declarations. In this section the buyers are required to note is that have been any legal judgments against them, if they have had a foreclosure within past seven years, if they declare bankruptcy within the past seven years, and in their party to any lawsuits. The answer to these questions will be of extreme interest in the lender. Obviously, and affirmative answer to any one of them could possibly affect the ability of the borrower to obtain a loan.

10.Borrower's signature and information from government monitoring purposes. Finally, there's a space for the buyer to date and sign the application. Below this space is a section that asks for the race and national origin of the borrower. This information is entirely voluntary on the part of the borrower and its so collected to carry out the federal government's antidiscrimination laws.

Martin Lukac, represents, #1 Loans USA(http://www.1LoansUSA.com), a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: info@1LoansUSA.com

---

Seven Tips For Credit-Enhancing Your Business Loan

What are the avenues available to businesses with weak credit... Read More

Finding Good Loans for Bad Credit

When looking for loans for bad credit, many people find... Read More

Bridge Loans: Everything You Wanted To Know

As the name implies, bridge loans fulfill a vital need... Read More

Finding a Cheap Secured Loan

In a time when everything seems expensive, it might seem... Read More

Unsecured Loans ? Substituting Secured Loans

Watching more and more people fall in the trap laid... Read More

Should You Get A Pay Day Loan?

Whether you have good credit, bad credit or no credit,... Read More

Loans For Unemployed - when your personal economy slumps during difficult times

The latest IDS figures for unemployment the claimant count measure... Read More

Secured Loans Guide

Secured loans are becoming increasingly popular due to their flexibility.... Read More

Business Loans: If You Know How To Make Good Use Of Money And Expertise

Are their rewards of being your own boss? Yes, in... Read More

What is a Commercial Business Loan?

A commercial business loan is designed for a wide range... Read More

SBA Loan: Options, Benefits, and Lenders Part 2 of 2

In this second installment, we will further examine what kinds... Read More

Finding the Loan UK that Meets Your Needs

For those in the market for a loan UK ,... Read More

Fast Cash Loans - When You Should Borrow and When You Should Wait

A fast cash loan should be an option used as... Read More

A Brief Look At Various Types of Loans Available

A Brief Look At Loans "Innovative financial packaging" is how... Read More

Bad Credit Payday or Cash Advance Loans - No Credit Check Required

If you are in need of extra cash until pay... Read More

What Is A Second Mortgage?

A second mortgage is a loan that is secured by... Read More

Getting That Car Loan: Simple Interest Is The Best

So here's the situation: you are buying a car but... Read More

Simple Tips On Getting Your Loan

So, you want to get a loan?Here are some simple... Read More

All About Bad Credit Secured Loans

Bad credit secured loans are a relatively recent addition to... Read More

Bank Auto Loans ? Best Loans for Stretch Commuters?

People have to work to survive. The desire to maintain... Read More

Signature Loans: A Signature Can Relieve Stress Of No Collateral And Bad Credit

The dynamics of loans borrowing procedure has brought new ways... Read More

So Many Loans, So Little Time

If you find yourself in need of poor credit loans,... Read More

What To Consider Before Applying For A Loan

Here are some useful tips on what to consider before... Read More

Guide to Loan Terms

Listed below is a guide to loan terms. It is... Read More

Buy Now And Really Pay Later!

With UK personal debt breaking through the £1 Trillion mark... Read More

Debt Consolidation Tips

Here are some useful Debt Consolidation tips. Debt consolidation is... Read More

A $500 Payday Loan Can Help In an Emergency

A $500 payday loan can be a real life saver... Read More

Is Getting A Personal Loan With Bad Credit Impossible? Think Again

A bad credit history is like having contracted an infectious... Read More

Factoring vs. Bank Loans

Is factoring a type of loan?No. Even though invoice factoring... Read More

How To Easily Find A Military Loan

Military members the price for serving your country and defending... Read More

Devising Newer Ways of Repayment

How good would it have been had there been no... Read More

Become A Smarter Borrower

With a nation that has in the region of a... Read More

What is a Home Improvement Loan?

A UK Home Improvement Loan Can Give You The Home... Read More