What is the Loan Application?
The first step in getting a mortgage is to fill out an application form (Loan Application). Anyone applying for a loan in the United States must complete the Uniform Residential Loan Application form. Another name for this form is "Form 1003".
By filling out this form, the amount of income, debts, and assets of the borrower will be determined, and according to this form, the Loan Officer can determine the amount of the loan that belongs to the loan applicant.
The loan applicant must also have his / her Credit Report checked and his / her Credit Score considered. The cost of obtaining a loan application for a loan is borne by the applicant and must be paid at the outset (this fee is approximately $ 30) and if the loan is approved by the applicant, this fee will be shown on the Closing Disclosure document.
Buying a home should be one of the momentous events of your life.
