Real Estate Mortgage Loans

The mortgage business in Reno is a complicated and ever-changing industry and choosing a Loan Program that is right for you depends on many different factors. Thing to consider before deciding on the type of mortgage is your current financial picture and how you expect your finances to change within the next few years. You must also look at how long you intend to keep your house and how comfortable you are with your mortgage payment changing over the years. It is also very important to prepare and know what is going to be expected when applying for a mortgage.

Applying for a home mortgage 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 mortgage 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.

article reprinted with permission by Jakob Jelling - http://www.cashbazar.com

Listed below is a Mortgage Loan Application
Checklist to help ease you thru the mortgage loan application process:

• Copy of your Purchase & Sale Agreement
• Your present mortgage information
• Two-year history of employment and verification of all income sources
• If self-employed, copies of past two years Federal Income Tax Returns
• Information about your checking, savings and credit card accounts
• Name, account number and outstanding balance of each of your debts
  Application deposits
• Information about any assets
• Information regarding any other assets that will be used as funds to close
• If FHA - Copy of Social Security card and photo ID
• If VA - Certificate of Eligibility or DD214
• If Employee Relocation Client - include relocation information and copy of offer, promissory note and copy of check on bridge loan.