Understanding Your Digital 1003 Form

Looking to get a mortgage? The first thing you need to know before starting the mortgage process is understanding your digital 1003 form. This is how you can apply for your mortgage online. Knowing what to expect before you start helps you know what to fill out and how to do it properly.

 

What is a 1003 form?

 

The 1003 Mortgage Application which can sometimes also be called The Uniform Residental Loan Application is the form that mortgage lenders will have you use to apply for a mortgage in the United States.

 

The application asks questions about the borrower’s employment, assets, debts as well as questions about the property in question. 

 

The reasoning behind having to fill out this information is for the lender to decide if the borrower is worth the financial risk.

 

What information does it need?

 

A 1003 form requires information about your current financial status.

 

This includes; Your last 2 years employment history, monthly income and your assets. 

 

If the borrower owns any other property they must disclose …

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