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Types of Loans - What you need before filling out a mortgage application

Types of Loans - What you need before filling out a mortgage application

loan application

Be prepared when filling out a mortgage application for the different types of loans.

There are many types of loans available to purchase a new home, and most require the same information when filing out a mortgage application. The information provided will help the mortgage lender determine whether you are qualified for a mortgage loan.

To begin, you will need to know which type of loan you are applying for, the terms of the loan, and how much you are applying for. If you’re not sure, the mortgage lender will help you to determine which is best.

Next, you will need to provide your legal name, Social Security Number, residence history, your income information, as well as your employer information. This information is used to complete a credit check and to prove your employment.

You will need to list all of your assets and show that you have your down payment. Additionally, you will need to provide a list of your debts and regular monthly payments. This will help determine your debt to income ratio.

As you go through the mortgage application process, more information may be needed. The mortgage lender will work with you as you complete the process.

Let the mortgage professionals at Midland Mortgage Corp. help you find the best types of loans for your home purchase.

Call 803.765.1680 or toll–free at 800.854.9484.
Posted Nov 08, 2012 by Midland Mortgage Corporation