Simple things which need to know about Mortgage Application

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All Western Mortgage

• Mortgage Application

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In order to buy your dream home, you will have to
apply for a mortgage and for that youll need to
fill out a Uniform Residential Loan Application
or Fannie Mae Form No. 1003. This application
helps the lender determine whether youre
eligible for a loan and how much amount youre
eligible for.
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This simple guide will help you with all the
types of information that youll have to provide
for a mortgage application, so that you wont be
intimated by it while going in.

1. Type of Mortgage and Terms of Loan
2. Property Information and Purpose
3. Personal Information
4. Employment Details

• 5) Monthly Income and Expenses
• 6) Assets and Liabilities
• 7) Declarations

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1) Type of Mortgage and Terms of Loan

• There are various kinds of mortgages you can get,
  like Conventional (15, 20, 30 years), FHA, VA,
  USDA etc. List the type and duration of the loan
  you want along with the interest rate and other
  terms on the application form.

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2) Property Information and Purpose

• In this section, mention the details of the
  property you wish to purchase. Once you write
  that down, the next step is to fill in the
  purpose of the loan, like purchasing,
  refinancing, construction etc.

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3) Personal Information

• This includes your name, present address, contact
  details, DOB, etc.

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4) Employment Details

• It includes the name, address and contact details
  of your employer, your position and designation
  with the organization, years of service, type of
  business etc. If you have been in the current
  company for less than 2 years, youll have to
  fill in the details of your previous employment
  as well.

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5) Monthly Income and Expenses

• This includes your gross income and all the
  expenses related to housing.

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6) Assets and Liabilities

• Assets include bank accounts, investments, cars,
  real estate etc. Liabilities include any debts
  like credit card balances, alimony, child
  support, installment loans etc.

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7) Declarations

• Yes/No answer to questions pertaining to
  bankruptcy within the past 7 years, outstanding
  judgments, foreclosure of a loan, party to a
  lawsuit etc.

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• However, you have to fill this complete form only
  if your real estate agent has specifically
  advised you to do so. Alternatively, you can fill
  out a short online mortgage application at
  http//awmlending.com/mortgage-application.php
  and get your mortgage processed in no time. For
  any further queries, feel free to contact All
  Western Mortgage at 702-850-2790.

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All Western MortgageAddress8345 W Sunset Rd,
Suite 380Las Vegas, NV  89113Phone
702-850-2790Corporate 702-369-0905Fax
702-906-0153 info_at_awmlending.comWebsite
http//www.awmlending.com/