FORM 1003

Le formulaire 1003 est un formulaire standard de demande de prêt hypothécaire, parfois également appelé "Uniform Residential Loan Application". Presque tous les prêteurs hypothécaires qui offrent un financement aux États-Unis exigent que ce formulaire soit rempli pour examiner une demande. D'autres peuvent utiliser un autre équivalent, appelé "formulaire 65".

The form requires basic personal information regarding the borrower, such as their social security number, marital status, and dependents. The borrower must also provide details regarding their employer and monthly income as well as details regarding existing loans. They will need to provide information about the property. This includes details such as its size, location, and whether it is a primary residence, secondary, or investment property. Last but not least, a borrower must provide an itemized list of their assets and liabilities. This can include savings, life insurance policies, and other investments such as stocks.

Fannie Mae and Freddie Mac require this form from mortgage providers in order to sell the mortgage on the secondary mortgage market. These mortgages are later securitized and sold on the secondary mortgage market. This is done so private lenders, such as banks and financial institutions can free up capital and provide a larger number of mortgages.

Generally, a borrower fills out Form 1003 twice when applying for a mortgage. Once during the initial phases and a second time at closing. While completing Form 1003 can be somewhat time-consuming it is a necessary part of the mortgage process. Borrowers may like to look into their credit rating and history as well as use a mortgage calculator to understand the scope of monthly payments before filing Form 1003.