The Mortgage Application

This article will take you through the basics of filling out a mortgage application.

If you are applying for a residential loan to purchase or refinance either a single-family home, townhouse, condominium or multi-family residence up to four units, you will be filling out a form known as a Universal Residential Loan Application, generally referred to as a Form 1003 - or just plain 1003.

The 1003 is the basic data-gathering tool for the mortgage industry. An understanding of how the data will be used is necessary to respond appropriately to all of its questions.
A cautionary first sentence at the top of the 1003 reads, “This application is designed to be completed by the applicant(s) with the lender’s assistance.” You should take this notice seriously and seek skilled help from a mortgage broker to complete the form.