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Prerequisites for Mortgage loan application

Posted on: 09th Apr, 2004 03:46 am
Application is a form used by the lender to gather the financial information about the borrower, which enables the borrower to qualify for the loan.

Mortgage loan application form requires the following information:

  • Purchase price or value of property.


  • Loan amount required.


  • Your gross annual income.


  • Which term would suit you best -

    • 5 years.

    • 10 years.

    • 15 years.

    • 20 years.

    • 25 years.

    • 30 Years.

    • 40 Years.




  • What loan types are you interested in -

    • Variable rate principal and interest.

    • Variable rate interest only.

    • Fixed rate principal and interest.

    • Fixed rate interest only.





  • Applicant's details -

    • Name

    • Address

    • Telephone no.

    • Date of birth

    • Facsimile

    • E-mail

    • Occupation

    • Annual income

    • No of dependant children

    • How long you lived there.



Features of an application form:
  • They are used to enter, update, or query information.


  • Gives full and complete information about the applicant.


  • Provides initial enquiry and basic details.


  • Online application forms are fast, easy and real time savers.

For example, Andrew is interested in taking a loan from Carole.He is asked to fill a form by her so that she is able to decide that he qualifies for the loan or not. This is known as 'application'.

Related Article:
hi my family migrated here on dec 7th....we have permannt residency...me,my wife and baby son..
we wanna buy a 326K new property...i m working in the mater hospital ....on 60 K salary ..,started work tthere on april 6th 2009 ,wife not working...baby on centrelink payment...have enough amount for deposit...can i gety loan
Posted on: 27th Apr, 2009 07:02 am
Hi
i want a mortgage for a house of 320000 . I will pay 20% down. I have job with ontaio power generation since june 4, 2009. before that I was workig as power engineer with Campbell soups . My annual income is $60,000 . also my wife has started working but part time as a dental asstt. (1/2 days in aweek). can i get mortgage for my house?
Posted on: 09th Jul, 2009 03:00 pm
maybe, preet. we don't have enough information to tell you that - what's your credit like? what other debt do you have? these are critical elements in the equation. also, what are the taxes on this home?
Posted on: 10th Jul, 2009 11:48 am
Hi,
I approached to make a Home Deal after a Pre-Approval from a prominent bank. Now because of my EAD status (which was conveyed to the Bank before Pre-Approval ) and not realising that People on EAD will not have a Visa the Bank is giving me a negative answer. Please advise what should I do.
Thanking you,
Surya.
Posted on: 21st Sep, 2009 06:42 pm
Hi Surya,

It is difficult to get a mortgage in this market, if you do not have a GC. Not having a GC can result in a denial of the mortgage, or can trigger a higher APR. The lender just wants to be sure that their money is safe for a certain number of years. You will have to try and convince them that you are going to stay here for long. You should also provide them with the EAD (Employment Authorization Document) approval letter from USCIS. This should serve your purpose.
Posted on: 22nd Sep, 2009 02:37 am
HI,
I have submitted my EAD which the bank recognised as a work permit. BUt they are asking for a VISA. How can I get a Visa ? It is so confusing. I have also submitted my Old H1B docs which I used till I had my EAD approved. Please advise what I should respond ? I have given them every form of Proof. Still they are asking for a Visa
Posted on: 22nd Sep, 2009 04:36 am
you don't have a visa?
Posted on: 22nd Sep, 2009 07:27 am
Hi,
I do have a Visa but as far as the immigration is concerned it does not matter am my current Employment is on my EAD not on my Old H1B.
Thanking you,
Surya.
Posted on: 22nd Sep, 2009 09:17 am
Did anyone got loan on EAD? I am going through tough phase and without knowing the immigration rules these banks are framing guidelines for Underwriters. I got denied by two different banks, one asking for Green Card or H1 and other is OK with EAD but still requesting H1 which doesnt make any sense. Please let me know through which bank if any EAD holders got the loan finally, so that I can approach the same one.
Posted on: 18th Jan, 2010 06:27 am
Has anyone got any luck to get a loan on EAD + H4? My husband is on H1+EAD, and I am on H4+EAD and I work for California government. Now we are having trouble to get loans as co-borrowers.

Which banks accept h4+EAD?
Posted on: 01st Feb, 2010 03:17 am
How long do I need to be employed before being able to get a morgage loan? I'll be out of the ARMY before the end of this year, but I want to buy a house ASAP.
Posted on: 25th Feb, 2010 06:46 am
eddy, your new employment isn't necessarily going to hold you back, since you've been in the military for (i'm guessing) at least 2 years. ordinarily, lenders want to see a 2 year work history on a current job, but your military service sort of puts you in a different category. go get your new job, and then go looking for a house and a mortgage to go with it.
Posted on: 25th Feb, 2010 09:23 am
Did you manage to get the loan on EAD? We are in a similar situation. My husband has an EAD and BOA does not recognize this status. We explained it to them and they have taken our application. My closing is on May 26th but we don't know if we will get the loan or not..Any tips you have will be really helpful
Posted on: 27th Apr, 2010 04:44 am
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