Online Mortgage Application Help Online Mortgage Refinancing Online Home Loan Application Help

When you apply for an online home loan your chosen financial institution will need to obtain all relevant information regarding the borrower. In some cases the income or assets of a person other than the borrower are used for determining qualification for obtaining the loan and this is the purpose of a loan application.

When the borrowed amount is for a mortgage, then the type of mortgage and terms need to be defined. Types of mortgages include VA, FHA, USDA/Rural Housing Service, conventional or other. In addition, the amount of loan, interest rate, number of months, amortization type and whether at a fixed rate, GPM or ARM or other terms must be included in the online loan application. In addition the purpose of the loan should be stated.

Some common examples are:

Purchase
Refinance
Construction
Construction-Permanent
Other (includes hardship loans)

Should the loan be for permanent construction then certain additional information is required such as year of property acquisition, original cost of property, amount of existing liens, present appraisal value, costs of improvement and total cost.

A refinance loan also requires additional information such as year of acquisition, original cost of property, amount of existing liens, purpose for refinancing, and also description of improvements that have been made as well as proposed improvements for the future.

Along with all these details the online loan application must be completed with all encompassing information about the borrower. This is the standard items you must provide when filling out almost any credit application these days. Mostly you will need to provide your name, social security number, date of birth, employment status, employer information, marital status, number and names of dependents,and present address.

The section of the application that deals with employment details will ask you about your basic income, overtime, bonuses, commissions, paid dividends, earned interest, rental income and any other means in which income is generated. Also a list of current expenses such as rent, mortgage, insurance, real estate taxes, mortgage insurance, credit card payments will be requested from you.

Depending on factors such as your chosen online mortgage program, funding source, or credit history additional information may be requested by the government to ensure compliance with equal credit opportunity and other government guidelines.