Navigating the Home Loan Application Form

With the growth of the Internet in recent years, it’s easy to sit comfortably in front of your computer and learn all about what’s included in a home loan application form. In fact, you can even fill out and submit the form online.

There are hundreds of lenders out there willing to help you out. Some are familiar household names, while others are new kids on the block. If you decide to go this route, be sure you know who you’re dealing with. Buying a home is one of the biggest transactions you make, so you want to be assured that any lender you apply with is valid. You’ll be disclosing a lot of personal information including your social security number and financial details, so know where you’re sending it. If you decide to go with the Internet option, make sure that they maintain excellent site security.

Of course you can also obtain a home loan application form at your favorite bank, a mortgage company, or other financial institutions. The important thing is to stay within the boundaries of what you can afford to pay each month, find the lowest interest rates possible in your circumstances, and completely understand each question before you answer it.

The home loan application form will include questions regarding:

• Personal information (name, address, marital status, etc.)
• Employment status including tax documents if relevant
• Credit history
• Assets and Liabilities
• Information regarding the property

Once you fill out the home loan application form, the lender will review it, often through a loan approval board. They’ll notify you when you’ve been approved and call you in to sign the paperwork.

We don’t want to oversimplify the process. You’ll be required to submit a great deal of information and in many cases supply documentation. There are a few things you can do to make the process go more quickly.

First of all you should be familiar with real estate terminology so you’ll be able to understand the full process. If you have questions your agent can help you or you can find glossaries of all the terms online. Most real estate, mortgage, and lending sites provide them for free.

It’s also a good idea to send for your free credit report. Once each year we’re entitled to our report from the three main reporting agencies. It’s surprising how often inaccurate information is included. Thoroughly review everything, and if you find errors let the agency know immediately. It can take several months to straighten out any mistakes, so get those reports before you even apply for your loan.

There are a number of home loan programs available, and they’re getting more creative all the time. Doing your homework and finding a lender you trust and respect will help you to apply for the best one for you.