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There are a few things that the borrower must care to mention on a loan application. We have six chief things that need to be clarified on the part of the borrower. This includes the borrower’s name, his or her earnings, social security number and address of the property. We must accede that the social security number is needed so the lender can look into prospects of the borrower’s credit and establish whether he or she is willing to take the risk at hand. The other two ‘chief requirements’ deal with an appraisal of the property’s merit however an estimate is enough and needless to say, the sought- after loan amount must be set forth by the borrower.
The loan officer cannot call for an arrangement of documentation to account for the above information prior to granting the loan estimate. It is the borrower’s discretion as to whether he or she is prepared to give additional information. The borrower specifying precisely what sort of loan he is seeking will help his case hence if more information is imparted then there are higher chances of the loan officer being more generous with the information he presents.
Related Topics: Documents Required for a Home Loan Application
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