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What is the name of the application all mortgage lenders use?
Uniform Residential Loan Application
Type and Terms of Loan section on the loan application states...
-type of loan, loan amount, loan term, interest rate, whether the rate will be fixed or adjustable, and any special amortization arrangements
Property Information and Purpose of Loan section on the loan application states...
- -address and legal description of the property and year house was built; leave blank if applicants have not found a house yet
- -purpose of the loan; purchase, construction, refinance, etc.
- -buyers form of title; ex; tenants in common
- -source of the downpayment, closing costs, and any secondary financing.
The information on the property information and purpose of the loan section of the application will be used to...
appraise the property and determine the max loan amount
Borrower and Co-Borrower Information section of the loan application states...
- -info about each applicant; name, ssn, phone number, dob, years of schooling, martial status, address, number of dependents they support
- -how long they have lived at their present address and info about previous residences
Employment Information section of the loan application states...
- -name and address of employer, number of years employed, title, phone number
- -if applicant has been at their job for less then two years; same info for previous employers
Income and Monthly Housing Expense Information section of the loan application states what...
- -primary employment income and any other sources of income
- -current monthly housing expenses; rent or house payment, including interest, insurance, taxes, etc.
Assets and Liabilities section of the loan application states...
What are some examples of assets and liabilities?
- -lists all assets and liabilites
- -Assets; good faith deposit (to seller), money in bank, investments, life insurance, retire account, automobile, personal and real property (ALL DEBT FREE)
- -Liabilities; student loans, car loan, real estate loan, other installment loans, charge accounts, credit cards, child support owed, job-related expenses
Details of Transaction section of the loan application states...
- -info on the real estate transaction; price, cost of improvements, cost of land if separate, estimated prepaid expenses and estimated closing costs
- -if applicants have not found a house yet, leave this blank
- -There are also blanks for mortgage insurance, discount fee, secondary financing, closing costs paid by seller, loan amount, etc.
What main section of the loan application does the lender use to determine the amount of cash the applicants will need to close the transaction?
Details of Transcation
Declarations section of the loan application states...
- -asks the applicants questions regarding any outstanding judgments, bankruptcies, foreclosures, lawsuits, loan defaults, etc.
- -if any of the downpayment is borrowered, if there is a co-maker on any promissory note.
- -how long they intend on occupying the residents, if it is primary
- -if they have owned a home before; info of the home
Acknowledgment and Agreement section of the loan application states...
- applicants agrees to terms and that all info is correct
- -agrees to correct or update info on the application if necessary
Information for Government Monitoring section of the loan application states...
- -optional questions regarding ethnicity, race, and sex; government uses the info to evaluate the lender's compliance with fair lending laws
- -Loan Originator's Information; method used to take the application (face-to-face, online, etc) and provide their contact info
- -Continuation Sheet; if applicants need more room to answer questions on the previous pages
Real estate agents can go over a ____________________ that can help buyers prepare for the application process by going over a checklist of required info and documentation with them.