Home Loan Rate - Find the Best Rates in minutes. Compare over 700 lenders and brokers with One Application.

Getting the Best rate for your needs means doing a complete income and credit review.

Our company has competive Home Loan Rates that will fit your budget and qualifications.

If you are shopping for the best home loan rate, be sure to compare both the interest rates on each of the Good Faith Estimates that you receive as well as the annual percentage rates (APRs) on each of the Truth in Lending Statements that you receive. If you do not receive each of these disclosures when you apply for a loan, feel free to remind your mortgage professional that they are required by law to provide them to you.

Residential Home Loan Application - The form you fill out to apply for a mortgage is officially called the Uniform Residential Loan Application. Also referred to as Form 1003 (ten-oh-three), it is the standard document of choice for most lenders when evaluating your qualifications.

A good broker will assist you with completing your mortgage application, but in the instance that you have to tackle it on your own, the following should help you understand the different sections youre required to complete:

I. TYPE OF MORTGAGE AND TERMS OF LOAN
The major items in the first section of the application are the loan amount, interest rate, length of the loan in months and the loan type. You may not be sure of some of these when you first go to apply, but they should be completed once these boxes are known.

II. PROPERTY INFORMATION AND PURPOSE OF LOAN
This is the area where you provide the address and legal description, or block and lot number, of the property. Your broker should be able to easily access this info for you.
The Purpose of Loan section tells the lender why you want the mortgage. Whether it be to purchase, refi or build a home. And the lender will also want to know
whether the property is your primary, secondary or an investment property.
You must also state how you intend to hold title to the property in this section.

III. BORROWER INFORMATION
This is where you get personal. Provide your name, address for the last 2 years, social security number, date of birth and how many years of school you’ve completed.

IV. EMPLOYMENT INFORMATION
This is section where you show your capacity to pay back your loan. Work history is very important to mortgage lenders, since it is directly related to your ability to repay your obligations. Here you list all pertinent employers you’ve worked for in the last two years. Minor short-term or part time jobs is really left to your discretion to list if not necessary to qualify. This section will also ask you for your PAST employer income; your current employment income will be covered in the next section.

V. MONTHLY INCOME AND HOUSING EXPENSE PROJECTIONS
This section can make or break your loan approval. This is where you list your monthly income, including any amounts from investments, and/or annuities, along with any commissions or bonuses. If your income varies monthly, then simply enter the average for the past 12 to 24 months. The Net Rental Income is the difference between rents received and the rental expenses, not including depreciation.

The Combined Monthly Housing Expense area to the right shows your current and proposed housing expenses, including any taxes and insurance, MIP and HOA dues.


VI. ASSETS AND LIABILITIES
Consider this area your personal “balance sheet”. This is where you get to outline your assets, which are subdivided into liquid and non-liquid type assets. You also show any liabilities, or outstanding debts, here. This section will wrap over to page 3 of the application and includes an area where you can include the details of any rental properties you own- keeping in mind that most lenders will ask for a copy of your tax returns and rental agreements to verify.

VII. DETAILS OF TRANSACTION
This is where you tally the cost of the home including all loan charges. Simply subtract the expected loan amount [o.] from the total costs [i.] and [p.] will either show you how much cash you need to bring to the signing or how much cash you’ll be getting at closing.

VIII. DECLARATIONS
This section allows you to declare certain things about you that lenders would be concerned with, such as any liens, judgments, lawsuits or bankruptcies. It’s recommended that you attach a letter-of-explanation for anything you’ve marked “yes” to above the dotted line [a. - i.]

IX. ACKNOWLEDGMENT AND AGREEMENT
This is where you swear you’ve told the truth, the whole truth and nothing but the truth.

X. INFORMATION FOR GOVERNMENT MONITORING
This section enables the government to track whether lenders are discriminating against certain people. You can skip this section if you prefer.

And that’s it in a nut-shell.

Call or visit us at Colorado Home Loan for any more assistance in completing this very important form, the Uniform Residential Loan Application.

Best wishes!

Residential Home Loan Application should be filled out completely and signed by borrower. Information on the application will need to be verified with borrower supplied documentation and third parties.

You will also sign a new verifed Residential Mortgage Application at closing. Make sure your income figures are accurate and review the declaration section as well. You are certifying this information is accurate by signing the application.

Home loan - A home loan is also known as a mortgage. It is a lien that uses property as security for the repayment of a debt. An example would be one that is acquired from the purchase of a home. The words home loan and mortgage are often used interchangeably. A home loan is obtained by contacting a mortgage professional and applying for, qualifying and closing on a mortgage. A home loan can be a 1st mortgage, a 2nd mortgage and/or a home equity line of credit.

Home loans are available today at relatively low interest rates which has helped more people afford a home today. Home loans are available to borrowers with no money down to make buying a home even more affordable for the average citizen.

There are thousands of different home loan programs available, to fit your specific situation. An experienced mortgage professional will use their expertise to find the loan program that is the best fit for you.

When obtaining a mortgage, you can either go directly to the bank, or you can choose to work with a broker. While a bank has many different loan products to choose from, a broker has many different banks to choose from, and access to all of the products at each of those banks. It is their job to find a bank that will approve you for a mortgage that is right for you.

Since the home loan or mortgage is most American's single largest liability it has become an important financial tool to those folks. Making sure that you have the most suitable home loan for your situation and using it properly has a huge impact on the finances and the financial future of the average American family.

When applying for a home loan you have several choices. The process can be cumbersome for someone even if they have done it before. Often its best to use a broker.

In regards to obtaining a Home Loan here in 2006 there is good news and bad news for consumers. The good news is that home loans have never been easier for the average American to obtain as there are hundreds of loan programs, some with very loose qualifying guidelines. Additionally, interest rates still remain at the lower end of the scale in comparison to the last few decades. The bad news is that the prices on homes in most areas is at an all time high and recently increases in housing prices has far exceeded increases in average wages.

With rising interest rates looming in the horizon, many home loan borrowers are now seeking the payment stability the 30 Years Fixed Rate Mortgages (FRM) offer. The 30-Year Fixed has again become a popularly demanded loan.