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A mortgage application is also called more commonly a 1003 and sometimes a URLA (Uniform Residential Loan Application). The mortgage loan application must be completed in order to apply for a home loan. It must be completed accurately and completely. Completing an application is the first step to reaching your dream of homeownership.
A mortgage application provides thel lender with the borrowers personal information, income information, employment history, asset and liability information. The application also provide details of the proposed loan transaction.
Once filled out, the mortgage application is then given to an underwriter along with other documents verifying the accuracy of the completed application. The mortgage application also determines what is known as your debt ratio and will help determine how much of a house you can afford.
The U/W will use this application in determining if you will qualify for a loan. In terms of how important this application is, you would consider this your loan resume.
Make sure all information that you give is accurate. Any inconsistancies or innacurracies may result in a denial or a higher rate product because you do not qualify for the initial product.
The Uniform Residential Loan Application, or 1003, has to be used for all conforming loans delivered to Fannie Mae and Freddie Mac. This form is so widely accepted in the mortgage industry that even non-conforming lender banks use it. Some commercial property lenders also use this application form.
Recently the 1003 mortgage application was revised. This revision happened at the beginning of 2006.
Review your mortgage application carefully before signing it. By signing, you are acknowledging eveything listed to be true and accurate.
Inaccuracies in your 1003 can cause important information to be wrong and therefore could possibly hinder your ability to obtain a mortgage. Make sure all of your information is true and correct to assure yourself the best chance of being approved.
<font size="5"></font id="size5"> The Uniform Residential Loan Application,1003,URLA is all the same form .the form is universal for all loans at all banks.borrowers can fill this out with the aid of their broker.
The 1003 is basically a snapshot of the whole loan profile and shows the lender the borrowers whole financial picture on the day the 1003 was filled out. The lender will use the 1003 to determine the borrowers ability to repay the mortgage loan. If you are applying for a mortgage loan using full documentation, the lender will ask for documents to verify the information placed on the loan application. Therefore, make sure the information listed on the 1003 is accurate and verifiable.
» DISCLAIMER: The information contained in this article on 'Mortgage Application' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.
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