Looking to get a mortgage? The first thing you need to know before starting the mortgage process is understanding your digital 1003 form. This is how you can apply for your mortgage online. Knowing what to expect before you start helps you know what to fill out and how to do it properly.
What is a 1003 form?
The 1003 Mortgage Application which can sometimes also be called The Uniform Residental Loan Application is the form that mortgage lenders will have you use to apply for a mortgage in the United States.
The application asks questions about the borrower’s employment, assets, debts as well as questions about the property in question.
The reasoning behind having to fill out this information is for the lender to decide if the borrower is worth the financial risk.
What information does it need?
A 1003 form requires information about your current financial status.
This includes; Your last 2 years employment history, monthly income and your assets.
If the borrower owns any other property they must disclose that in the 1003 form.
Section 1 Breakdown
Section 1 of the 1003 form is where you fill out your personal information, employment information and income information.
Section 2 Breakdown
Section 2 of the 1003 form is where it asks for assets and liabilities. Assets can include investments and savings while liabilities can include anything that is owed such as debts and financial obligations.
Section 3 Breakdown
Section 3 of the 1003 form is where it asks you about your real estate portfolio. This asks to list any other properties that you own.
Section 4 Breakdown
Section 4 of the digital 1003 form is where you are asked questions about the properties in question. It asks if it is for you or for a rental, if it is for a rental then it asks how much you expect to be paid for rent.
Section 5 Breakdown
Section 5 is for declarations. This is where it asks about your finances and questions about how you plan on paying the mortgage.
Section 6 Breakdown
Section 6 is where you sign agreeing that everything that you have filled out is accurate. It also authorizes a credit check.
Section 7 Breakdown
Section 7 asks if you have ever served in the military.
Section 8 Breakdown
Section 8 asks for your demographic information. This includes your race, gender and ethnicity. This section is optional.
Section 9 Breakdown
Section 9 of the 1003 form is filled out by the lender so the applicant does not have to worry about this section.
How to learn more
To learn more information about how to apply for a mortgage online contact us at https://onlineapplication.io/contact
Jimmy LaSusa is an intern from the University of Missouri, who is majoring in Marketing. His interests include International Business, Marketing and Sales.
Sources
https://www.investopedia.com/ask/answers/041916/what-1003-mortgage-application-form.asp
