In my last post we discussed the first two sections of the universal loan application. Today we will discuss Sections 3, 4, and 5.

This section is pretty self explanatory. This is where you will fill in your:

1. Name
2. Social Security Number
3. Current Home Phone
4. Date of Birth
5. Marital Status
6. Any dependents that you have living with you (IE…children, an elderly parent, etc)
7. Current Home & Mailing address

Make sure you check off whether you rent or own your current home and for how many years that you have lived there. Also if you have lived in your current home for less than 2 years, then you will need to fill in where you lived prior to that.

Like Section 3, this section is also pretty self explanatory. Here you will fill in:

1. Name and mailing address of your employer (if you are self employed then make sure you check the "Self-Employed" box.
2. The dates you’ve been employed.
3. Your gross monthly income (your income before taxes are taken out).
4. Your position with the company
5. Your work phone number

If you haven’t been employed in your current job for at least 2 years, then you will need to also fill in the information for your previous job.

This section can confuse some people and I would urge you to ask your mortgage professional to help you out with it. That being said, let’s look at the Monthly Income section.

You will need to fill in your gross monthly income here. This is your monthly income before taxes. If you are not sure of what to put here, then the easiest way to figure it out is to take your W2s for the last two and your most recent pay stub. Add together what you made during the two years on your W2s and your year to date (YTD) income on

your pay stub. Now divide the total by how ever many months are covered by these documents.

For example:

If you are self employed or take a huge amount of deductions, then figuring out your income may not be so easy, so again I urge you to get the help of your mortgage professional in filling out this section.

This is where you figure out how much you will have spend on your housing costs each month (IE…the mortgage payment, your taxes, your insurance, etc.)

If you currently Rent a home, then fill in the amount of your monthly rent payment in the box marked rent under the "Present" column.

If you currently Own a home, then, under the "Present" column, fill in the amount of your monthly mortgage payment and your monthly home owner’s insurance, property tax, and HOA payments, if applicable.

Finally, under the "Proposed" column, you will fill in the proposed new monthly payment for the loan you are applying for.

Look for a discussion on sections 6, 7, and 8 in my next post.

                                                                                                                                                                John Worley
                                                                                                                                                    www.rtlgeorgia.com