Michigan Mortgage Application

Mortgage Application step by step.

1. Type of Mortgage and Terms of Loan

• Loan Applied for: Type of loan being requested by the borrower. Non-Conforming loans are in accordance with conventional guidelines.
• Agency Case Number: This area of the loan application is provided for the lender to document the assigned Federal Housing Administration (FHA), Veterans Administration (VA) and Farmers Housing Administration (FmHA) case numbers.
• Lender Case Number: Lender Loan No. #
• Amount: The dollar amount of the loan, which the borrower is applying for should be indicated in this area of the form. Maximum loan amounts and loan-to-values for purchasing or refinancing primary residences are:
• Interest Rate: The interest rate is the percentage figure that the lender is charging the borrower over a set period of time for the money lent.
• No. of Months: The number of equal monthly installments that the borrower must make to pay off the loan (e.g., 360 months, 180 months)

Amortization Type:

• Fixed Rate : A mortgage whose interest rate remains the same for the life of the mortgage.
• GPM (Graduated Payment Mortgage): A mortgage which allows the borrower to begin with lower monthly installments which will continue to increase over a specified period of time.
• ARM (Adjustment Rate Mortgage): A mortgage, which allows the interest rate to periodically, adjusts to meet current rates.
• Other : Amortization type other than the ones described above.

2. Property Information and Purpose of Loan

• Subject Property Address: Address, City, State, Zip Code
• No. of Units: Number of units from Appraisal, top line in the General Description Section.
• Legal Description of Subject Property: Abbreviation on application.
• Year Built: On the Appraisal General Description look at Age, Check date of Appraisal for year and minus years to determine the year the home was built.
• Purpose of Loan: There will be only two types: Purchase and Refinance Loans.
• Property will be: The three types: 1. Primary (O/O) Residence, 2. Second (O/O) Home, 3. Investment (NOO) Property.
• Year Acquired: Year the home was purchased.
• Original Cost: Amount to purchase the home.
• Amount Existing Liens: The total amount of outstanding liens on the home.
• Purpose of Refinance: Two main types; Rate and Term, or Debt Consolidation.
• Describe Improvements: Two Types: 1. Made or 2. to be made and cost.
• Title will be held in what Names: The full name of each person that will own a 100% of the home.
• Manner in which Title will be held: A Single Man, A Single Woman, Husband and Wife, A Married Man, A Married Woman, Tenants in Common.
• Estate will be held in: Two types; 1. Fee Simple, 2. Leasehold
• Source of Down Payment, Settlement Charges (Closing Cost) and/or Subordinate Financing: Sample: Saving, Existing Equity, Gift.

3. Borrower Information

• Borrowers (Primary) Name (Include Jr. or Sr.): First Name, Middle Initial, Last Name
• Borrower Social Security Number:
• Home Phone Number: Area Code and Local Number:
• Date of Birth: Day, month and year.
• Yrs. School: The last grade completed.
• Marital Status: Married, Separated, Unmarried (single, divorced, or widowed)
• Dependents: The total used for tax deductions.
• Present Address: Address, City, State, Zip Code
• Present Address: If the borrower owns or Rents and the No. of years living at current address. If less than two years, repeat next former address section, add amount of time to present address.

Page 2 of the mortgage application. If you have any questions please give us a call at (616) 301-1811 .