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Loan Application Information
Processing the loan application goes easier for you if you have the information ready, so we put together a list of the information we will request during the loan application. All lending institutions use the same loan application. Having all of the correct information up front will help us do a better job for you!
- If you are refinancing we will need Information on your home such as the year built, year purchased, original purchase price, and amount of existing liens. If you have completed any improvements we will need to know what kind of improvements and the cost. If you are purchasing we can skip this step!
- Basic information on all borrowers including, name, social security number, phone number, date of birth, years of schooling, marital status, number of dependents and address history for 2 years.
- Employment history for the last 2 years for all borrowers including the employers name, address, and phone number, current position, years on the job, and years in that line of work.
- Gross monthly income for all borrowers including all sources of income.
- Current housing expenses including principle and interest on your first (and second) mortgage, insurance, property taxes, and homeowner association dues if you have them.
- All assets including checking and savings, 401k plans, stocks and bonds, IRAs, net worth in a business, automobiles, boats, motorcycles, ATV’s, personal property, and any other assets not listed here.
- All liabilities including first and second mortgages, car payments, credit cards, student loans, alimony or child support, and any other loans that may show up on your credit report. We need the current balance and the payment for each liability. We can usually just pull this from your credit report except for alimony and child support.
That is it. The process usually takes less than an hour. After processing the application and pulling your credit report, we will email a Good Faith Estimate to you within a few days and go over all of the fees with you. We will then submit your loan application to a lender for approval. We will work hard to secure the best approval and the best rate for you. Thank you for trusting American Pacific Mortgage with your loan.
