Home Mortgage Loan Some Items On Your Mortgage Application Are Completely Unnecessary

If you are in the process of refinancing your mortgage loan, some of the items on your loan application are completely unnecessary and providing too much information often makes the application process more difficult. The form 1003 is five pages long and there are several items you can ignore on this application. Here are several tips to help simply the process of filling out your home mortgage loan application.

Mortgage applications can be very confusing for many homeowners. If you do not understand what parts of the application are asking for, you might not need to complete the information or frantically call your loan representative for help. If a question on your application has you scratching your head, leave it blank and your loan representative will help you fill in the blanks if necessary.

Several questions on the 1003 are completely unnecessary. Your mortgage lender doesnt care what type of loan you want; at the top of page one the 1003 asks this question. Another useless question on the form is how many years of school youve had. This has nothing do to with your loans approval so dont stress over it and leave it blank.

Page two of the form 1003 can be intimidating for many homeowners; this section on the form asks you to list your bank and retirement accounts. Dont feel the need to list every single investment account, mutual fund, or stock certificate you own. Mortgage lenders are mainly interested in your having enough cash to close the mortgage; if you list every single account you have you may be required to provide additional documentation on those accounts and explain where the money came from. There is another section on page two asking you to list your automobiles, jewelry, or furniture you own. Tell your application where it can get off. This information is not needed by the lender and frankly, none of their business.

If your loan representative asks for this information it is a sign that they are not well versed in the mortgage approval process. This could lead to future headaches for you and you should consider finding another lender. Why does your 1003 ask for this information in the first place? The questions have been around for a very long time and Fannie Mae has never gotten around to removing them as they have nothing to do with the approval process.

You can learn more about your mortgage options, including costly mistakes to avoid with a free mortgage tutorial.

To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.

Claim your free mortgage refinancing tutorial today at: http://www.refiadvisor.com

Home Mortgage Refinance Loan

Home Mortgage Loan - The Game Is On
Finding a home mortgage loan that works best for you can be a challenge, but the task is much easier with the internet today. There are a few criteria that everyone should consider when shopping around for a home mortgage loan. This article will look at a few key aspects to finding the right home mortgage loan for your needs.Is Your Loan AssumableI...

California Home Mortgage Loan Applications
A mortgage is very efficiently used in creation of a lien on a contract basis. The mortgage as a lien is usually created on a piece of real state - a house, for instance. It is more than often used deliberately as a method by which individuals or businesses can buy residential or commercial property in California without paying the full value up fr...

Home Mortgage Loan - Preparing For Your Application In Advance
When applying for a mortgage loan your lender will require you to document your qualifying income, assets, and debts before approving your application. Providing your lender with a debt profile along with your application will not only boost your qualifying ratios, but could even improve your credit score. Here are several tips to help you prepar...

Applying for Your First Home Mortgage? What You Need to Know
The following home mortgage tips will help you figure out how to best go about the home mortgage loan process for your situation.Home Mortgage tip #1 Interest RatesBefore applying for your first home mortgage loan you will want to shop around and see what average home mortgage loan rates are. Shopping for home mortgage rates online is a timesaver a...

Home Mortgage Loan - Finding A Good One
Finding the home mortgage loan that is right for you may be just a few mouse clicks away for you. Yes, the internet has berthed a large selection of competitive mortgage loan companies like E-Loan and others. You can do a quick search on one of the popular search engines to find these companies offing very competitive rates.The best thing about a h...

Pay Off Your Home Mortgage Early
When seeking a home mortgage you have so many options to choose from it can be overwhelming at times for many. With the internet at your finger tips you now have many more options for obtaining competitive rates and information. This article will look at some strategic ways to deal with a home mortgage once you have obtained one.The first goal of a...

Why Go For a Home Mortgage Loan
How much do you need?Your search for a home mortgage loan should start by looking for a house. It is reasonable to start from this angle for a variety of reasons. The first reason is that if you are able to determine the cost of the home, you will be able to determine what type of loan that will meet your needs. Secondly, with a loan at hand, you w...