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1. Property information. The application begins with a section on the property. Questions as to the type of loan sought, the terms of the loan, location and legal description of the property, the property’s value, and the manner of taking title must be completed. This information is used to determine how much security for the loan will be provided.

2. Borrower information. The next section of the application request a borrower’s name, address, telephone number, Social Security number, marital status, and employer. This information helps the lender to determine both the borrower’s ability and willingness to repay the loan.

3. Dependence. The lender will want to know hundred dependence the borrower must support. Although children help stabilize a borrower, they also add the financial publication of the borrower.

4.Implement information. The next section of the form asks for the borrower’s implement information and how to contact the borrower’s employer to confirm the information given.

5. Income. The section regarding income provides space for primary implement income, over time, bonuses, commissions, dividends and interest, net rental income, and information regarding income from any other sources.

6. Monthly housing expense. The monthly housing expense is made up of such items as rent, principal and interest payments, any secondary financing payments, hazard insurance premiums, real estate taxes, mortgage insurance premiums, and homeowners association dues.

7. Assets and liabilities. In this section the borrower is required to list all assets and liabilities. Assets include cash deposit, check in saving accounts, stocks and bonds, life insurance policies, owned real estate, retirement funds, automobiles, and other personal property. Liabilities include any installment debts, automobile loans, released a loans, alimony, child support payments.

8. If this is a purchase transaction, the next section will be filled out. The buyer is to fill in the purchase price, closing costs, prepaid escrow expenses, mortgage amount, any secondary financing, an equity, amount of cash deposit, closing costs to be paid by the seller, and an estimate of cash amount that the borrower will be required to pay at the close of the transaction. In this section a loan officer can help. It may be left blank until the final closing date.

9. Declarations. In this section the buyers are required to note is that have been any legal judgments against them, if they have had a foreclosure within past seven years, if they declare bankruptcy within the past seven years, and in their party to any lawsuits. The answer to these questions will be of extreme interest in the lender. Obviously, and affirmative answer to any one of them could possibly affect the ability of the borrower to obtain a loan.

10.Borrower’s signature and information from government monitoring purposes. Finally, there’s a space for the buyer to date and sign the application. Below this space is a section that asks for the race and national origin of the borrower. This information is entirely voluntary on the part of the borrower and its so collected to carry out the federal government’s antidiscrimination laws.

Martin Lukac, represents http://www.RateEmpire.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Visit http://www.RateEmpire.com today

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When you’re looking for a loan, one of the first issues you’ll need to decide is whether it should be secured or unsecured. The decision is seldom straightforward so here are a few pointers.

Before we start, it’s important for you to understand the difference between the two sorts of loan.

With secured loans, you agree to allow the lender to register a legal charge on your property at the Land Registry. As most homeowners already have a mortgage that’s secured by a first charge on your home, the loan company has to agree to take a charge that ranks behind the first charge. Then, if you sold your house, your solicitor would firstly repay your outstanding mortgage and then the remainder is used to repay the second charge (and any other registered charges). Only when the solicitor has repaid all the registered charges, do you receive the rest of the sale proceeds.

The most important point you have to understand about any secured borrowing, is that if you default on the repayments, then the lender will automatically have the right to apply to the Courts to repossess your home and sell it to recover the money they are owed. Therefore, you need to carefully consider the matter before you agree to such a charge. If you are in any doubt, consult your solicitor or financial adviser.

Unsecured loans are different. You don’t provide any security to the lender. As such, the lender views the loan as a more risky venture as the lender has no automatic route to get back what it is owed.

Therefore you’ll appreciate, that if you’re not a homeowner you don’t have to decide between a secured or unsecured loan. As you have no property to secure the loan, you can only apply for an unsecured loan.

Unsecured loans are normally available from

Tags: Loans, secured, unsecuredLoans, secured, unsecured

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Everyday people go to the bank with a loan request written on the back of a napkin and end up getting denied for a loan. Ever wondered why? The obvious reason is they are not qualified for the loan because of a lack of employment, insufficient income, too much debt, poor credit, no previous credit or any combination of these factors. But are these the only reasons? Maybe, maybe not. Keep in mind that bankers are on a salarythey get paid the same amount of money whether they work hard on your deal or not. You see, lenders tend to group people into categories known as A, B or C-borrowers.

A-borrowers tend to be perfect people with perfect credit and high income to debt ratio. B-borrowers tend to be people who have decent income, decent credit and a decent income to debt ratio. C-borrowers, on the other hand, have marginal income and marginal to poor credit ratings. And then there are the projectslenders also tend to group projects into categories known as A, B and C-projects. Here are a few examples of how projects are ranked: A-projects are the kinds of loans the lender likes to doclass-A residential home loans from, say, $100.000.00 and up. B-projects may be a used car loanC-projects could include a debt consolidation loan for a marginal borrower. C-borrowers and projects are often quickly denied. You can see more clearly now how borrowers and projects are basically ranked in the mind of lenders.

Remember; bankers are human and humans tend to take the path of least resistance. If you were a banker, would you rather do a slam-dunk million dollar loan to someone who didn’t need the money or work real hard (day in and day out) trying to fund risky C-projects for marginal borrowers? Most people are not perfect borrowers and you may fall into this category. So what do you do to increase your chances of getting the loan you need? Here’s a few secrets that can help get the loans you need: First, ask yourself a few questions Does your loan request make economic sense? If it doesn’t make sense to you, it probably won’t impress the lender. What can you do to structure the loan to make sense? Secondly, if you were a lender, would you (really) loan yourself the money considering your income, credit and project?

Whether you answer yes or no, you should identify why or why not? Do you have a professional bank package or is your loan request written on the back of a napkin? By having a professional bank package you will get the attention of the lender because most people don’t know how to assemble a bank package. By having a bank package, you can move yourself from a C-borrower to a B-borrower status in the mind of a lender. If you are a B-borrower you can move to A-borrower status. Why? By creating a bank package you have done your homework (and much of the work the lender needs to make a decision) in a format that professionally communicates with the lender. Here’s an outline for a basic bank package for consumer (or business) loan proposals in the order shown below:

1) Cover letter (to the lender, lending institution, brief overview of package and purpose)

2) Loan summary (purpose of loan, use of funds, payback plan, economic justification, etc.)

3) Table of contents

4) Standard bank application for review (get it from the bank)

5) Statement of assets (everything you own that can be used as collateral)

6) Statement of credit debt (all outstanding debts with totals and account numbers)

7) Photo-copies last two (2) years of tax returns

Photo-copies last two (2) years of payroll stubs

9) Supporting documentation (borrower’s resume’, explain past credit problems, documents, etc.)

You want to organize your bank package using an inexpensive 3-ring binder. A bank package does not guarantee financing but it can greatly improve your chances for funding tough deals.

Copyright © 2006
James W. Hart, IV
All Rights reserved

James W. Hart, IV, a consumer advocate and CEO of Smart Books Publishing http://www.smart67.com has been involved in the field of residential and commercial real estate mortgage financing since 1987. Hart, previously licensed to engage in the sale of real estate in the state of Ohio, has been directly involved in the origination of residential and commercial mortgage financing and has worked with residential and commercial mortgage lenders, large commercial mortgage banking firms and life insurance companies for financing. Hart is an honorably discharged veteran of the U.S. Army, graduate of the University of Toledo and graduate of the Cleveland Institute of electronics. He is a member of the National Panel of Consumer Arbitrators and the Council of Better Business Bureaus, Inc. During 1992/93 Mr. Hart appeared on a number of radio and TV stations throughout the U.S. including WJR-AM, WWWE-AM, WHUR-FM, WRC-AM, WLW-AM, WTVN-AM, WSPD-AM, KDKA-AM, KBGS-AM and CNBC-TV and many others

Tags: Banking, bankruptcy, cash, financing, lending, Loans, Money, personal financeBanking, bankruptcy, cash, financing, lending, Loans, Money, personal finance

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