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This page contains all the instructions you need to get started on the application process. Select the appropriate section:
In you find that these instructions do not completely answer your questions, feel free to give us a call at 800-265-7355 (Nationwide) or 301-838-9710 (DC Metro Area), or
e-mail us and we will respond within one business day.
The Uniform Residential Loan Application (1003) is a comprehensive document on which you will be asked all the
pertinent information regarding yourself, any co-borrower, the property you wish to purchase, information about your current assets and liabilities, etc. Don't be intimidated by the size of the form, answer all the questions as best you can. If you get stuck, feel free to give us a call, we will be happy to talk you through it.
The online version of the form is somewhat abbreviated. We have left off sections which either ask for details that are not available yet, or require an original signature to be valid. A completed paper original will be part of the final settlement documents. That will be the form that counts, as the lender will require you to read and sign that version of the document. If you are curious about what the paper version will look like, check out the
PDF Version for mail/fax applicants.
The 1003 is broken up into the following ten sections:
- Type of Mortgage and Terms of Loan
- Property Information and Purpose of Loan
- Borrower Information
- Employment Information
- Monthly Income and Combined Housing Expense Information
- Assets and Liabilities
- Details of Transaction
- Declarations
- Acknowledgement and Agreement
- Information for Government Monitoring Purposes
I. Type of Mortgage and Terms of Loan
Use the fields in this section to describe the basic type of loan you are looking for.
II. Property Information and Purpose of Loan
This section allows you to describe the property that this loan will be used to buy.
III. Borrower Information
This section specifies the personal information of the borrower and the co-borrower (if any). This section must be as complete as possible and specifically include the Social Security Number as most financial records are keyed to this number.
IV. Employment Information
This section allows you to tell us where you work and whom we may contact to verify employment.
V. Monthly Income and Combined Housing Expense Information
This worksheet section allows us to calculate how much of your monthly expenses will be tied to your mortgage payments. Each loan program has a certain limits within which you must fall to qualify.
VI. Assets and Liabilities
Use this section to list all of your assets and outstanding debts. This section is fairly important. Your past performance in paying your debts will be major factor in what kind of loan you can qualify for.
VII. Details of the Transaction
This section has been left off the online form because it contains information that is not known until the loan is approved and all the fees are finalized.
VIII. Declarations
This section gives us some other background information on your financial situation that may have a bearing on the transaction.
IX. Acknowledgement and Agreement
This section has been left off the online form because it contains information that is not valid without an original signature.
X. Information for Government Monitoring Purposes
This section has been left off the online form because it contains information that is not really
relevant until the transaction is complete.
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There are four forms required to begin the loan process with The Financial Web, Inc. The first three simply require a signature. You must authorize us to investigate your credit worthiness and permit us to release that information to potential lending institutions. The third form is a disclosure stating the important points of the
Equal Credit Opportunity Act. These are rules we must follow in providing loans to our customers. Signing the form acknowledges that we have disclosed this information to you.
The last form is the Uniform Residential Loan Application (1003). On this comprehensive document you will be asked all the
pertinent information regarding yourself, any co-borrower, the property you wish to purchase, information about your current assets and liabilities, etc. Don't be intimidated by the size of the form, answer all the questions as best you can, it is OK to leave some blank. If you get stuck, feel free to give us a call, we will be happy to talk you through it. For hints, you can look at the instructions above for the
online version since they are very similar.
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