Applying for a Home Loan

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.

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.

---

For Mortgage-Refinance Help, Get the Best Mortgage Professional, Not a Bank Loan Officer

When you need a mortgage -- either because you are... Read More

Mortgage: Effective Household Investment for Financial Autonomy

If finances had a copyright, we would have bought it... Read More

Adjustable Rate Mortgage - How They Work?

How does an ARM work.The borrowers interest rate is determined... Read More

Refinancing Your Home Mortgage Loan With Bad Credit

There are numerous reasons a person has bad credit. Late... Read More

Understand a Real Estate Appraisal

Happy New Year. Make a difference this year. "Pay it... Read More

Home Mortgages: How About Those 1.75% Loans?

You've undoubtedly heard or seen ads for mortgages with very... Read More

Bad Credit History? How Financing and Buying a Home Can Help You Improve Your Financial Situation

Financing and buying a home can help improve your financial... Read More

10 Questions To Ask Your Mortgage Rep or Banke

This post is a must read for anyone considering purchasing... Read More

Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender

If you have bad credit and are looking to get... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few... Read More

Uk House Price Increases Take A Summer Holiday

Property website Rightmove has released its latest house price index... Read More

Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head

"The ache for home lives in all of us, the... Read More

Top 5 Methods to Manage Your Home Equity

As your home appreciates in value, you gain equity. You... Read More

Securing the Best International Mortgage for Your Home in Spain

Are you one of a growing number of people planning... Read More

Home Loans and Mortgages ? Beware of New ?Mortgage Elimination? Scam

The booming real estate market has allowed many Americans to... Read More

Think You Cant Get a Mortgage?

You've finally found that dream home that you have always... Read More

Home Equity Loan ? Beware of the lingering lien!

A problem that often arises when people try to refinance... Read More

Hard Money Loans - Reasons Why You Might Want To Try Applying With A Subprime Mortgage Lender

Before you apply for a hard money loan, try applying... Read More

The Real Truth About Those: Online Get a Better Loan Web Sites - 6 Things to Look For

You have seen the Commercials on TV go this or... Read More

Remortgage To Release Equity By Improving Interest Rate

You have been paying on your mortgage for quite sometime... Read More

Key an Eye on Your Mortgage Payments

In previous decades, when a borrower missed a payment on... Read More

Home Owner Loans Explained

How To Release Equity Locked Up In Your Home For... Read More

Fixed Versus Adjustable Rate Mortgages

Which One Should You Choose?Choosing between a fixed rate loan... Read More

Online Home Equity Loans: A Basic Glossary

Home equity loans can be a great idea for individuals... Read More

Stated Income Mortgage Loan - Get Approved Online

A stated income or no doc mortgage loan allows individuals... Read More

Types of Mortgage Interest Rate

Here is a useful guide to the different types of... Read More

Look For a Great Mortgage Online

People who are looking for a mortgage today have many... Read More

California Refinance - Refinancing in California

The real estate market in California is booming. Home values... Read More

How to Avoid Paying Mortgage Insurance

In today's world, a borrower should not be paying mortgage... Read More

Home Loans For People With Adverse Credit History

Whether you are planning to purchase a home for the... Read More

Home Loan Lenders - Finding the Best Home Mortgage Lender

The process of obtaining a mortgage or home loan can... Read More

Tips for First Time Home Buyers

When looking at tips for first time home buyers, you've... Read More

Online Mortgage Loan Companies Are Convenient

There are many reasons to use the internet to take... Read More