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Step 12: Loan Application
After signing the purchase agreement, you can file a loan application with one of the mortgage lenders you have selected if you haven't already done so.
Mortgage lenders differ in terms of their documentation requirements for loan application. Some require evidence of every minor detail in the loan application and ask for originals while others require documentation that supports only certain items in the application. It is however a good practice to have all the documentation that substantiates your claim in the loan application. Some of the information they may request is illustrated below (though this is not a complete list):
Personal Information: Name or names of persons applying for mortgage loan, current address, phone number, social security number, current and past employers and other similar personal information.
Financial Details: Current income from all sources, benefits & added income, bonus, stocks, bank accounts, assets including cars & other vehicles, all liabilities i.e. credit card debts, car payments, other debts, any bankruptcy or judgments, credit references and any other information that gives an indication of your assets or liabilities.
Real Estate Information: Location and price of the real estate being bought, any legal data about the real estate, purchase and sale agreement and any other information about the real estate that the lender may deem appropriate.
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