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What is a 1003 Mortgage Application?
A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.
The application will provide the lender the essential details to make an informative decision.
The 1003 Mortgage Application is generally taken face to face or over the phone.
The 1003 Mortgage Application contains information such as the address of the current property being purchased or refinanced.
The 1003 Mortgage Application has a "Schedule of Real Estate Owned".
The 1003 Mortgage Application lists the borrowers current address(es) going back at least 2 years.
The 1003 Mortgage Application will generally list the borrower employment, unless the application is for a No Employment Verification Loan.
The 1003 Mortgage Application will list all liabilities that are showing on your credit report. This includes, but is not limited to:
A 1003 Mortgage Application is also called a "Uniform Residential Loan Application", or abbreviated URLA. The 1003 application, URLA, is exactly that, an application for a loan. You will be required to sign the mortgage loan application and verify the accuracy of the information contained within the application. It is very important that you are honest and upfront on your application. If you lie about something on the application or try to hide something this can be reason for immediate denial of your loan or even worse an immediate demand for the remainder of the loan balance in full, if the loan has already gone through. Therefore, read over your entire loan application and check the accuracy of the information before signing your name to it.
When completing a 1003 mortgage application, it is important to sign in all areas marked with an X or where a line is drawn above or below your name or the word "Borrower", and to initial at the bottom of each page. If you have any questions, your loan officer will be more than happy to highlight the areas.
The 1003 mortgage application is a standard form that asks numerous questions about your employment and finances. The 1003 application is a standard form that helps lenders determine how much to lend and at what rate.
Some lenders have the complete 1003 application on their websites. This is ideal for those who would rather fill them out in their own time and then submit it to their mortgage broker. While this is a great convenience, be sure you know exactly who will be receiving the information and that you are submitting it on a secure site. Talk to your mortgage broker with any concerns you may have about filling out an online application. Mortgage professionals will do anything they can to ensure you are comfortable with however you are completing the application and to ensure that your private information is safe.
A 1003 Mortgage Application lists the income for all borrowers. This income is used for debt ratio qualification or to see if the borrowers can afford the mortgage payments under the guidelines of the loan program that they are applying for.
A 1003 Mortgage Application lists the liquid assets of the borrowers. This includes (but is not limited to) funds in:
» DISCLAIMER: The information contained in this article on 'What is a 1003 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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