The basic loan application, also called “Form 1003”, is the first form to be filled out in applying for a mortgage loan. This form documents your basic information: name, address, housing records, employment history, assets and liabilities, credit history and other information required by governmental regulating agencies. It is important to provide complete and accurate information on this form.
In addition, you will sign other documents that will educate you as a consumer, disclose relevant information, as well as outline the relationship between you, the consumer, and Corridor Mortgage Group, your mortgage broker and/or lender. Your loan officer will consult with you in your decision to either lock-in the current interest rate or float the interest rate until a later time.
You will also be asked to provide certain documents to verify the information contained on the 1003, such as bank statements, other asset statements (401k, IRA, etc.), paystubs, W-2’s, tax returns (if self-employed or commissioned), credit or W-2's.
During this time your loan officer will obtain a credit report that will reveal your credit history. Please be assured that your private and financial information will be safeguarded with our Privacy Policy.
Your loan officer will also interview you to understand your financial goals and objectives and find out what is important to you. With literally hundreds of loan products to choose from, they will help you find the loan product that works best for and your specific financial situation.
From this interview as well as the credit report and the 1003, your loan officer will be able to issue a preliminary loan approval. This will tell you for how much you qualify and which program best fits your needs.
If you are thinking of purchasing a home, it is wise to go through the loan approval process before you begin your home search. In fact, shopping for homes when you’re pre-approved is almost as good as being a cash buyer!
When all the documents have been signed and assembled, the loan package is then ready for the next step.
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