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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Residential Mortgage Loan Application
The Residential Mortgage Loan Application is a 3 page application consisting of ten subject items to be filled in. There is also an additional 4th page called Continuation Sheet to be filled out if assets and liabilities are in excess to the standard form. The Residential Mortgage Loan Application is a legal document necessary in order to obtain a residential mortgage. It is also known to be called a 1003. It is very important to fill in all information that is applicable to the type of mortgage you are applying for. Information that is left out may adversely affect your ability to obtain a mortgage. The Residential Mortgage Loan Application should be filled out and signed by both parties applying for the loan if applicable. The more completed the Residential Mortgage Loan Application the smoother the loan process will be. These are the ten categories of the Loan Application.
Section l of the mortgage application. Type of Mortgage and Terms of Loan
Section 2 of the mortgage application. Property Information and Purpose of Loan
Section 3 of the mortgage application. Borrower Information
Section 4 of the mortgage application. Employment Information
Section 5 of the mortgage application. Monthly Income and Combined Housing Expense Information
Section 6 of the mortgage application. Assets and Liabilities
Section 7 of the mortgage application. Details of Transaction - ( The loan originator will most likely have the processor fill out this section.)
Section 8 of the mortgage application. Declarations
Section 9 of the mortgage application. Acknowledgment and Agreement
Section 10 of the mortgage application. Information for Government Monitoring Purposes
Please fill out all sections completely. The more information that is provided in your residential mortgage loan application will help insure a timely closing.
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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