The Florida Website for Nations Lending - Providing Home Mortgages throughout the State
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| The Florida Website for Nations Lending - Providing Home Mortgages throughout the State |
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MORTGAGE
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The mortgage application is the first form you will need to fill out to start the mortgage process. This form is call the Uniform Residential Loan Application (URLA) and, most commonly refered to in the mortgage industry, as the FNMA 1003. This application consists of four pages and ten sections, as follows: Section I: Type of Mortgage & Terms of Loan: In most cases, your loan officer will complete this section, inputing the mortgage information based on the type of mortgage you have qualified for. Section II - Property Information: This section, in most cases, will be completed by your loan officer, using information from the sales contract or other property documents. Section III - Borrower & Co-Borrower Information: In this section, you will input your personal information with respect to name, social security number, birthdate, current residence address, etc. Note: If you have lived in your present residence less than two years, you will need to provide your previous residence address. Note: If you are currently renting, you will need to provide your landlord's name and phone number. A Verification of Rent will be sent to your landlord to verify rental payment, status of rent, length of rental, etc. Section IV - Employment Information: In this section, you will input your employment information. If you are doing a "stated income" mortgage, check with your loan officer before you complete this section. Section V -Monthly Income and Combined Housing Expense Information: The left side of this section is for inputing monthly income information. Note: If you are doing a "Stated Income" mortgage, consult with your loan officer before recording information in this section. The right side of this section is for your current, present mortgage information. Your loan officer will complete the "Proposed Mortgage" information. Section VI - Assets & Liabilities: On the Asset side of this section, input information regarding all checking / savings accounts, stocks, bonds, etc. along with value of automobiles, boats and other vehicles. In the "Othe Assets" section, you are to record the value of Furniture and Personal property such as electronic equipment, computers, etc. and any other specialty assets such as coin collections, jewelry, tools, art work, etc. Use replacement value (not depreciated value) when making these calculations. On the Liabilities side of this section, leave this blank. Your loan officer will used information from your credit report to complete this section. At the bottom of this section, list all real estate owned, including your present residence. The total of real estate assets will be input in the asset section above,. Section VII - Details of Transaction: Leave this section blank. Your loan officer will complete this section, Section VIII - Declarations: Check the appropriate boxes for each line item. Section IX - Acknowledgement and Acceptance: Read and Sign this section. Section X - Information for Government Monitoring Purposes: Complete this section.
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