The famed "1003," the official form number granted the residential mortgage application by Fannie Mae is a relatively old form. There have been changes over the years ทาวน์โฮมมือสอง ราคาถูก with additional information being required, pages added and subtracted. Today, the 1003 has five pages with more than 300 fields and boxes requesting information. That's a lot. Yes, you do have to complete the fields that are relevant. And no, you don't have to complete the fields that do not apply to you.
For example, if you don't own any rental property you don't have to fill in the areas asking for the addresses and loan amounts associated with rentals. If you don't have a retirement account you don't need to fill out the information for a retirement account. If the loan application is not for a construction loan then you don't need to complete the fields asking when you obtained the lot and if you made any improvements. Leaving these fields blank make sense.
Other fields however seem to not make any sense whatsoever. Which ones?
The first that makes you scratch your head is the one asking how many years of school you've completed. There is no mortgage requirement that you've obtained your PhD. your undergraduate degree or even a requirement that you received any formal education at all. The years of school question is completely irrelevant but still appears on applications today.
What about your automobile? The loan application asks that you list all automobiles owned identifying the make and year of your car. Really? Does someone with a Mercedes SL500 have a greater chance of an approval compared to someone with a 1994 Ford F-150? Hardly. The lender only wants to know if you have a car payment and if so, how much do you pay every month.
There's also a field for "Other Assets" just in case you left anything out. Do you have an art collection? Does that signed Matisse on the wall help you qualify for a mortgage? Nope. But the question is still there on page 3 of the loan application.
Your loan officer will tell you what is and what is not important on a loan application. But if it doesn't have anything to do with your income, credit, debts and the amount available for closing costs then it's likely not needed.
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