| |
| |
|
Mortgage & Refinancing Information |
|
|
Applying for a Home Loan
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. About The Author Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Mortgage Loans For People With Adverse Credit - How Much Should You Borrow "How much should you borrow?" is a question people with adverse credit wrestle with. The answer is simply as much as you can afford. 5 Steps to Getting on Top of your Mortgage Getting on top of your mortgage so you can pay your loan off faster and potentially save thousands of dollars on your home loan is possible with a plan and consistent effort. There are mortgage reduction strategies that you can put into place that will ensure that your loan is paid off more quickly without putting a huge strain on your current budget. Real Estate Mortgage Loans Online Online real estate mortgage loans enable borrowers to be sure they are getting the best financing rates. By comparing online quotes, you can save time and money with no risk. FHA Mortgage: Whats the Best Way to Show an Underwriter that Youre Ready to Buy a House? Mortgage underwriters can be a suspicious bunch. If you have bruised or even bad credit, you have your work cut out for you. Which is Better? Fixed-Rate or Adjustable-Rate Mortgages The answer depends on several factors including your financial situation. Lets take a look at the main differences between the two types of mortgages. Fixed Rate Mortgage vs. Adjustable Rate Mortgage The most basic distinction between types of mortgages that are available when you're looking to finance the purchase of a new home is how the interest rate is determined. Essentially, there are two types of mortgages - fixed rate mortgage and an adjustable rate mortgage. Secured Homeowners Loans - In Case You Thought a Home is Worth Few Dollars Money is like music, if managed well, produces a good symphony. One wrong note - one wrong decision - it produces a jarring sound. Home Loans and Mortgages - Beware of Deed Theft Scam The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. A Simple Way to Save Thousands on Your Mortgage Charges How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages. Poor Credit Mortgage Reigns High Among Mortgages Available to Bad Credit Borrowers Like a big brother keeping notes of the erring behaviour of his younger sibling, credit reference agencies like Experian and Equifax maintain a record of each person entering into credit transaction. While a few instances of arrears are considered admissible, as the incidence of bad credit behaviour increases, creditors start considering these as a lack of reliability. What is an Offset Mortgage? An offset mortgage is very similar to a current account mortgage - but instead of having everything all in one account, all accounts are held separately.The offset mortgage concept treats your money as one giant pot, with each element (mortgage, savings, current account etc) separate to the rest. Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home If you are currently looking for a new home, chances are that in all the excitement you won't really give any thought to the type of home loan mortgage you take out, instead going with the first one offered to you. This could be a serious mistake - costing you thousands, if not tens of thousands. California Refinance - Refinancing in California The real estate market in California is booming. Home values continue to appreciate almost on a daily basis. Obtaining a Home Equity Loan Online Private lenders, banks, and mortgage companies are all setting up shop on the internet, and all make it possible to obtain a home equity loan online. Competition between lenders is stiff, so be sure to check a few companies that offer applications about their rates, products, and customer service. Debt Counseling - Healing Touch for the Ailing Finances The financial stories remain similar over the months and the years. With debts becoming a nuisance, people make resolutions and resolve to stand by these resolutions. No Money Down Home Loan Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or 100% financing for your mortgage loan used to be only advertised during late night infomercials and in obscure real estate publications. The good news is that if you want to buy a house but have little or no money available for the down payment, there are mortgage lenders who are offering no money down home loans in your area. Thinking About Re-mortaging? Read These Tips First More and more of use are signing up for limited time low interest rate mortgages and then switching to a different mortgage when the low interest period expires.It's a great way to save money and can, potentially, save you thousands in repayments. Why Its Important to Get Pre-Approved Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home. Home Mortgages: Up, Up and Away! Refinance NOW-before it's too lateIf you haven't found the time to refinance your existing home mortgage, it's time to take action-like yesterday! Every time Alan Greenspan, Federal Reserve Board Chairman, opens his mouth, you can bet that the federal funds rates will rise by at least a quarter of a point, or by 25 basis points in investorese. What that means to you is that home mortgages will rocket as well. Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.
|
| home | site map |
| © 2006 TIGER MEDIA |
