Applying for a mortgage can feel overwhelming. The first step to getting started with the mortgage loan process is to complete a loan application. In case you are wondering what this entails we have outlined the key aspects here:
Section 1: Borrower Information
This section asks about your personal information (SSN, DOB, Address, etc) along with your income.
Section 2: Financial Information
This section asks about assets such as bank/investment/retirement accounts, expected gifts, etc. It also asks about liabilities, or debts, which you pay every month (Credit Cards, Student Loans, Auto Loans, Personal Loans, etc.)
Section 3: Financial Information
This section asks you to list all of the properties you currently own and provide financial information about them (type of property, outstanding mortgages, estimated price, etc.)
Section 4: Loan and Property Information
This section asks about the loan’s purpose for the property that you want to obtain for either a refinance or a purchase. It is normally an estimate.
Section 5: Declarations
This section asks you specific questions about your personal financial history and the property to help us determine if you are entitled to any special first-time home buyer incentives or loan programs.
Section 6: Acknowledgements and Agreements
This section tells you about your legal obligations when signing the loan application and asks for a signature.
Section 7: Military Service
This section asks questions about your military service or in some cases your spouses
Section 8: Demographic Information
This section asks questions about your ethnicity, sex, and race. There are options to not furnish this information.
Section 9: Loan Originator Information
This section is completed by your loan originator/officer and contains information about their licensing and the company they work for.
With enough preparation, mortgage applications are not difficult to complete. While they may appear daunting, you should be able to lean on your mortgage loan originator to help you navigate through this process. In fact, the majority of the time an initial application can be completed in less than 15 minutes.
If you have any questions or would like to apply, feel free to reach out to our office at 760-930-0569.
