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What Questions Will be Asked On A Mortgage Loan Application?

By Eric Goodwill

Tips to help you complete the questions on the mortgage loan application.

All mortgage loan applications generally ask for the same information. The forms may not all be the same but the questions usually are.

The Type of Mortgage and Terms of Loan

This section will ask for the type amd amount of the loan,the interest rate and the number of months the loan is for. It will also ask for the amortization rate, which could be an adjustable rate, a fixed rate or other mortgage.

The Property Information and the Purpose of the Mortgage Loan

This section will ask for the property address and a legal description, which may include the number of units and the year it was built. A legal description would be something like, a 3 bedroom brick rancher with attached garage, on a two acre lot.

The Borrowers Information

Your personal information such as your name, social security number, current address, age, education, marital status and number of dependents will be requested. Former addresses may be required. Your employment information is also included in this section.

Your Monthly Income and Housing Expense

Here you will need to provide your monthly budget items that pertain to housing. Your income and the current rent you are paying will be compared to the proposed amount for the new mortgage.

Your Assets and Liabilities

This section will ask for your current assets such as, checking and savings accounts, retirement funds and the vehicles you own. Your current installment loans and credit accounts will also be shown here. This is essentially a net worth statement.

The signature and agreement section may also ask a few simple questions which you are not required to answer. This information is used by the government to monitor the lending practices of the institution.

Related posts:

1. What Questions Should Be Asked About A Mortgage Loan?
2. What Questions Should I Ask A Mortgage Lender?
3. What Does A Mortgage Lender Consider When Making A Loan Decision?
4. Why Would My Mortgage Application Be Delayed?
5. What Questions Should I Ask Before Signing My Mortgage Loan Documents?