By Jakob Jelling http://www.cashbazar.comApplying for a home loan may not be
most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of process ahead of time, however, it will go much more smoothly.
Home loan applications tend to be very long, but if you are prepared ahead of time you can finish application procedure without breaking a sweat. Before you begin filling out form, make sure you have available your Social Security number, information pertaining to previous employers and residences, recent pay stubs, copies of credit card and loan statements, copies of bank statements and asset information such as stocks, pension and retirement funds. Begin form by simply filling out each line with requested information but leave Section I, entitled Type of Mortgage and Terms of Loan, blank.
Next fill out Section II, Property Information and Purpose of Loan, with any of your available information. Only fill in subject property address line, however, after you have an accepted offer on a property. If you don't have a property yet, simply state purpose of loan as purchase or refinance, as well as type of property loan will cover (primary, secondary, or investment). Also write down all names in which title will be held, how title will be held, and source of down payment (this is usually in cash).
