This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Pennsylvania Loan Application - Review or Checklist Form for Loan Secured by Real Property
Category:
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Multi-State
Control #:
US-03039BG
Format:
Word;
Rich Text
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Description
How to fill out Loan Application - Review Or Checklist Form For Loan Secured By Real Property?
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FAQ
What is mortgage underwriting? ID and Social Security number. Pay stubs from the last 30 days. W-2s or I-9s from the past two years. Proof of any other sources of income. Federal tax returns. Recent bank statements or proof of other assets. Details on long-term debts such as car or student loans.
During underwriting, your lender may contact you and request additional financial documents, bank statements, other proof of income or assets. Respond to these requests as quickly as you can ? your underwriter can't proceed or approve your home loan without them.
Recent bank statements, pay stubs, business tax returns, and other income and asset verification documents. Copy of signed purchase agreement. Documented explanation of unusual changes in their financial situation.
Standards may differ from lender to lender, but there are four core components ? the four C's ? that lender will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.
These documents are used by the lenders to evaluate whether or not they will provide you with a loan. Loan documents are necessary to initiate a loan approval process by a lender. Some documents that may be required are tax returns, bank statements, pay stubs, W2, and a proof of income.
To receive a Loan Estimate, you need to submit only six key pieces of information: Your name. Your income. Your Social Security number (so the lender can check your credit) The address of the home you plan to purchase or refinance. An estimate of the home's value. The loan amount you want to borrow.
Ing to ICE Mortgage Technology, conventional loans take an average of 44 days to close ? 43 days on average for a purchase transaction and 46 days for a refinance. As we've mentioned, the underwriting part of this could take anywhere from a few days to a few weeks.
What is the purpose of qualifying the property that will serve as collateral for a mortgage loan? To ensure that the property is of sufficient value in relation to the amount of the loan.
