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Applying for a Home LoanJakob Jelling 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 dont 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. By Jakob Jelling
| | | | RELATED ARTICLES Profits With Rental Properties So you are interesting in becoming a landlord Investing in rental properties can be an exciting and very profitable business. Not only can real estate provide current income through rental property but it also can increase your personal wealth or networth. Make no mistake, this is not a sure thing to easy money and investing in real estate is not for everyone. There are risks as with any business or investment but with careful research and the help of a real estate professional you can find the right property in the right location for maximum return on your investment. Dont Overpay for a House, Even in Todays Market If theres one thing American investors love, its an over-inflated market.Which is why they keep buying houses and new ones keep coming onto the market.According to the latest data, housing starts rose an annualized 3.4% in September, matching a 17-year high.Whoo-ha!Go, baby go. Rent Late Dont Jump to Conclusions As a landlord, you are financially dependent on your tenants. When a tenant fails to turn in their rent payment on time, you have to worry about making your own mortgage, rent and utility payments. Being put in this situation is frustrating and sometimes angering, but before you take legal action, evaluate the situation. Perhaps your tenant is going through some hard times. Dont want to jump to conclusions, offend the tenant and then needlessly lose their tenancy. Its important that you understand why the rent is late. Growing Faster Than Your Cash Flow Let Factoring Fund Your Next Expansion! Why wait weeks or months to get paid by your clients when you can access your money in a matter of days by factoring your invoices.When a business factors their invoices, they are allowing a third party to purchase their invoices at a discount price.This discount is considered the third party’s fee. Hassle-Free Homebuying Perhaps you’d like to take advantage of today’s great real estate market in housing but feel a little intimidated by everything that’s involved. How to Research and Purchase a Good Investment Property How to Research and Purchase a Good Investment Property How To Negotiate A Higher Price For Your House Negotiation is where many FSBO home sellers really have problems. The wrong attitude or a slip of the tongue could cost you thousands. Here are a few pointers to keep you on the right path: Career Education Options For Working Adults Ask yourself this question:“Do I like what I do for a living”If you answered “no”, what are you doing about itMaybe you have a “good” job, but it’s not very rewarding to you personally.Maybe you have job with good pay, but bad hours or worse – a job with good hours, but bad pay.Perhaps you’ve just done your job for too many years, or are excited to work in some of the new careers that just weren’t available when you finished school. 7 Ways to Get to the Truth: When the Sale "Disappears" Youre close, really close, to making a sale. Yourpotential client is in the market for your product or service and youve had a couple of good meetings. 10 Wisdom-Based Wealth-Building Strategies “It’s the business of your life…and you’re the CEO!”Gala Gorman Quick Tips For The First-Time Homebuyer NC—Buying your first home is an exciting new experience. Attending Open Houses, putting in an offer to buy and decorating your new home to suit your style is all part of the excitement. All the decisions that need to be made can also make you feel nervous. Here are a few tips that can help out the anxious first-time homebuyer. How To Avoid Getting Scammed Listed below are some of the most popular and common scams: How Creditors Measure Your Credit Rating Creditors will measure your credit rating based on the following three main things.CapacityCollateralCharacter Lawsuit Funding Lawsuit funding, also known as pre settlement cash advances, are a form of non-recourse funding that has become a popular service in the past few years. Injured clients all over the United States can use this service to get cash for their lawsuit now. Funds advanced can be used by the client for any immediate financial pressures including mortgage payments, credit card bills, to get out of debt, car payments and more. 10 Ways To Financial Freedom Use any of the 10 following ways to become financially free. In an informative article, find pro’s and con’s for taking any of the “10 routes” and practical advice for doing so. Plaintiff Funding Plaintiff Funding is a controversial new finance area in which a plaintiff secures funding based strictly on the potential financial recovery from his or her pending legal claim.Similar to securing a mortgage against your home, a plaintiff can receive a cash advance against the potential future proceeds from a legal claim.There are no income or employment verifications and if the legal claim has no financial recovery, then the plaintiff is NOT obligated to repay the money. A Singles Game of Real Estate This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, “Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own” Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency. Searching The Internet Without Search Engines The World Wide Web contains more than ten million websites with thousands more being added daily from all over the world, and search engines are tasked with presenting the most relevant pages based on the search criteria entered.Finding a large and popular site like www.irs.gov is easy because it is related to a large agency, but a small site like mine www.consumermortgagereduction.com would be impossible without the use of search engines.The task of finding a website that relates to a specific subject would be almost without the use of the search engine, yet they perform this task with relative ease using tools that may be unknown to most users of search engines. Eight Ways to Consolidate Debt Next to winning the lottery, a debt consolidation loan is a debtor’s dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments. Credit Damage: Getting Compensated for Your Loss Until recently lawyers for victims of credit damage had little possibility to collect for damages beyond medical treatment, lost wages and property loss. Insurance companies threw up their hands in sympathy, claiming victims can only be compensated for what can be measured — tangible goods and services. But, what happens when the victim has lost considerable time from work, the family bank is broke and monthly payments on mortgages, car loans and credit cards payments are missedRegardless of the haggling between lawyers and insurance companies, it’s the credit victim who ends up having to live with a bad credit rating. |
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