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By Jakob Jelling
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.
By Jakob Jelling
http://www.cashbazar.com (http://www.cashbazar.com)
Jakob Jelling is the founder of http://www.cashbazar.com (http://www.cashbazar.
com). Visit his website for the latest on personal finance, debt elimination,
budgeting, credit cards and real estate.
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