What Does It Contain? – Forbes Advisor

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The mortgage application process can be lengthy. When filling out your application, you’ll need to provide a handful of personal and financial information—plus the documents to support it. Understanding what goes into a mortgage application can help speed up the process.

Required Mortgage Application Information

Once you’re ready to buy a property and choose a lender, you’ll need to submit a mortgage application. This document will provide the information your lender needs to evaluate your financial situation, determine whether or not to approve you for financing and what terms to offer, if approved.

The 1003 mortgage application form, or the Uniform Residential Loan Application, is the most common mortgage application and requires the following information.

Your Personal Information

The mortgage application begins with your personal information. You’ll be required to provide information like your name, Social Security number (SSN), birthdate and citizenship status.

You also need to indicate whether you’re applying along with any other borrowers. Other personal details needed include your marital status, any dependents, contact information and current address (and former address if you’ve been at your present one for less than two years).


In addition to personal information, the mortgage application requires your employment information. For example, you’ll need to provide the name of your employer, its address and phone number, your position and start date, and your monthly income.

If you’re self-employed, there are additional fields to complete. And if you earn income from sources other than your job, including alimony, child support, disability benefits, interest income, unemployment, VA compensation, etc., you will need to note that as well.

Income and Debt

The income and debt section, also known as your assets and liabilities, details what you own that’s worth money, as well as debts that you’re responsible for paying each month.

Assets include bank accounts (checking, savings, certificates of deposit, money market accounts), investments (stocks, mutual funds, bonds), retirement accounts, cash value life insurance policies, equity in a business, proceeds from the sale of real estate and more.

Liabilities include credit card balances, loans (student loans, car loans, personal loans), leases, child support, alimony, job-related expenses and more. The only liabilities you shouldn’t list in this section are for real estate because there’s a specific section for that information.

Real Estate

If you already own the property, you’ll need to spell out the details in your application. It will ask for the address, property value, intended occupancy (primary residence, rental, etc.), any costs that aren’t rolled into the mortgage payment (taxes, insurance, homeowners association fees), rental income (if applicable) and Whether you have a mortgage on the property, including who the lender is.

Loan and Property Information

You’ll need to provide details about the loan you’re applying for, including the total loan amount and the purpose of the loan (new purchase, refinance or other purpose).

Information about the property you’re buying will also need to be included. For example, you’ll need to provide the property address, the type of property (primary residence, second home, investment property, mixed-use or manufactured home) and whether there are any existing loans or liens on the property.

If you plan to rent the property out, you’ll be asked to estimate the expected monthly rental income. Additionally, if you received any gift funds to use toward the purchase of the house, you’ll need to note that in this section as well.

Other Items

While the sections above will take up the bulk of your application, there may be additional sections you need to fill out, depending on your loan type and financial situation.

For example, there is a section for “declarations.” Here, you answer yes/no to specific questions about the property and your finances. Some declarations include whether: the property will be your primary residence; the seller is a family member; you’re borrowing money to complete the transaction; there are any outstanding judgments against you; you’re currently in default on any federal debt; you had a foreclosure in the past seven years, among others.

There’s also a section for acknowledgments and agreements, which outlines your legal obligations as part of the contract. If you agree to the terms, this is where you sign and date the application.

Finally, you’ll need to note whether you’ve served in the armed forces, as well as providing demographic information.

Required Mortgage Applicant Documents

In addition to providing the required information, your lender will also require that you submit extensive documentation to back up the numbers. It’s helpful to gather as much as this paperwork as possible before submitting your application.

  • Tax returns. Your tax returns from the past few years will help give the lender a good idea of ​​your financial situation. If you don’t have them on hand, don’t worry: you’ll likely sign a Form 4506-T, which allows the lender to get copies directly from the IRS.
  • Proof of income. This usually includes recent pay stubs, which helps the lender see your current income. If you’re self-employed or earn income outside a traditional paycheck, you’ll need to provide some extra documentation, such as 1099s, profit and loss statements.
  • Financial statements. Mortgage lenders also want to take a look at statements for your bank accounts, investment accounts, insurance policies and anything else that backs up the income you claim to earn. You should also provide statements for any debts, including credit cards and installment loans.
  • Miscellaneous documents. There may be other documentation you need to provide, depending on your situation. For example, if you received gifted funds for your down payment, you will need to provide a gift letter that provides details such as who provided the money and their relationship to you. If you’re a first-time homebuyer, your lender may want to see proof of on-time rent payments, such as copies of checks sent to your landlord.

What to Expect After You Submit Your Mortgage Application

Once you submit your loan application, your lender will provide you with a loan estimate within three business days. This is a document that outlines important details about the loan offer, including the interest rate, term length, monthly payment amount, escrow details and closing costs. You should review this document in detail, and either accept the offer or negotiate it if you feel there are certain costs or terms that should be changed.

Once you officially accept your loan offer, the lender will begin underwriting the loan. This means that someone will review the details of your application, pull your credit reports, order a home appraisal and make the final call on whether you’re approved.

Related: Compare Current Mortgage Rates

During this time, it’s important to avoid making any changes to your financial or credit situation. Don’t apply for any credit, cosign a loan, move large sums of money, change employers or do anything else that could raise a red flag as your application is being reviewed.

Once your application is officially approved, all that’s left is to close on your loan. You can expect the overall process to take between 30-45 days from the time you submit your application to closing day.

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