How do you know About Your Mortgage Loan Application?

This mortgage loan application includes several sections that capture information about you, your finances, and details of your potential mortgage. It’s lengthy and at first glance seems complicated, so in this section you’ll learn about the reasons for each part of the form. All of the personal information on your application is confidential and protected by federal law. There are 10 sections in the mortgage loan application that are described in detail in this chapter.

Section 1: Type of Mortgage and Terms of LoanThe information in this section should match the type of mortgage and mortgage loan terms that you discussed with your loan officer. For purchases where you haven’t selected a property yet, you can specify the maximum amount you wish to borrow.

Section 2: Property Information and Purpose of LoanIf you’ve already selected a house, in this section you will need to provide information about the property, including the address, the year it was built, whether you

Section 3: Borrower InformationThis is personal information required of you and any co-borrower involved (any additional borrower who accepts responsibility for paying the mortgage, such as your husband or wife), including Social Security number, date of birth, marital status, and contact information (street address and telephone numbers). If you have lived at your current address less than two years, be prepared to furnish former addresses for up to seven years.With this identifying information, your lender will be able to obtain your credit report, which is a key factor in helping your loan officer assess your current financial situation. Want to purchase or refinance, as well as other details about the purpose of the mortgage loan you seek.

Section 4: Employment Information/ Monthly Income and Combined Housing Expense InformationIn these sections, you need to provide a history of your employment (where you have worked and for how long), your monthly income, and your monthly expenses (bills you pay every month), along with recent paycheck stubs and federal W-2 income tax formsFor the last two years. With this information, your loan officer can determine your ability to make regular payments on the mortgage and your capacity to afford the costs associated with owning a home.

Section 5: Acknowledgment and AgreementYour signature is your word of honor. In this section, you sign your name, saying that the information you are providing is accurate and true to the best of your knowledge.

Section 6: Details of the TransactionThis section gives the all-important details of the mort-gage loan?—?presented as estimates?—?including the purchase price of your home, closing costs, and the total cost of your mortgage loan (including principal, interest, and fees), among other information. Your loan officer will complete this area of the application. Make sure that it agrees with your understanding of the trans-action, and look closely at the estimated closing costs.

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