How to Apply for a Mortgage
Starting Your Mortgage Application
The first step in applying for a mortgage is selecting a lender, such as
eCash Mortgage, who can help you choose the loan that best suits your needs.
If you’re purchasing a home, it’s generally a good idea to wait until your offer has been accepted before submitting your mortgage application. For refinancing, you can apply whenever it aligns with your financial goals—many homeowners consider refinancing when current interest rates are notably lower than their existing mortgage rate.
Once you’ve made your decision, you’re ready to begin the mortgage application process. This typically involves completing a
Uniform Residential Loan Application with your chosen lender.
The Uniform Residential Loan Application (Form 1003)
Most lenders will require you to complete Fannie Mae’s
Uniform Residential Loan Application (commonly referred to as the
1003 Mortgage Application Form) if you’re applying for a Conventional, VA, FHA, or USDA loan. This form is also used for most refinancing applications. You’ll be asked to provide details such as:
- The type and terms of the mortgage loan you are seeking.
- The property’s details and the purpose of the loan (e.g., purchase or refinance).
- Information about yourself and any co-borrowers, including your employment history, income, expenses, assets, and liabilities.
You’ll also need to make certain declarations, such as confirming U.S. citizenship status, and may be asked optional questions regarding race, ethnicity, and gender, which help the government monitor compliance with fair housing laws. While these questions are optional, providing this information can be helpful and will not impact your loan approval if you choose not to answer.
Both you and any co-borrowers will be required to sign the application, confirming that the information provided is true and accurate to the best of your knowledge.
Reviewing this form in advance can give you a clear understanding of the information needed before starting the mortgage application process. For an example of a Uniform Residential Loan Application for a single-family home, visit the Fannie Mae website.
At
eCash Mortgage, we utilize this form and our experienced Loan Advisors can guide you through the application process over the phone. Call us today, and we’ll assist you with every step!
Documents Required for Your Mortgage Application
Lenders like
eCash Mortgage often require supporting documents to verify the information on your application and assess your ability to repay the loan.
For income verification, you may need to provide W-2 forms, recent pay stubs, and tax returns. If you’re self-employed, we might ask for your personal and business federal tax returns, 1099 forms, and additional financial documents related to your business. If your income includes alimony or child support, we may ask for court orders and bank statements to verify these payments. However, you only need to disclose alimony or child support if you wish for it to be considered when determining your loan qualification.
For debt verification, we’ll review your monthly debt obligations, including car loans, student loans, credit cards, and other debts. We may ask for documents confirming these payments.
For asset verification, we typically review bank statements, retirement accounts, and investment accounts. If you’re using gifted funds for your down payment, we may ask for a gift letter stating that repayment is not expected.
For credit verification, we usually obtain your credit information directly from credit reporting agencies, with your permission.
Additional documentation may be required depending on your financial history. For example, if you’ve had a bankruptcy or foreclosure, or if you are a non-citizen, additional documentation may be necessary to verify your financial status or residency.
eCash Mortgage allows you to securely upload your documents through our user-friendly online platform. We’ll work closely with you to ensure you understand the required documents and how to submit them. Learn more about the documents needed for your mortgage application.
Mortgage Application Fees
Lenders may charge an
application fee, sometimes referred to as
lender fees or
origination fees, to process your mortgage application. The cost of these fees varies by lender. In some cases, you can roll the fee into your loan amount, while in others, you may need to pay it in cash at closing.
After You Submit Your Mortgage Application
Once your application and documents are submitted, we’ll send you a set of
Initial Disclosures, detailing the terms of your loan. You’ll need to review, sign, and indicate your intent to proceed with the application. In many cases, you can sign these disclosures online through our secure platform. Learn more about what happens after you submit your mortgage application.