Looking to streamline your mortgage or loan application process? This asset declaration form is perfect for banks, mortgage brokers, and finance companies.
By gathering essential personal, employment, and financial information, you can quickly and efficiently assess your clients' financial situation and eligibility for a mortgage or loan. Make data-driven decisions with ease and improve your customer experience by using this comprehensive form.
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Questions to include on your asset declaration form
1. Personal Information
Gather basic personal information from the applicant to identify who is completing the form.
- Full Name
- Date of Birth (MM/DD/YYYY)
- Email Address
- Phone Number
2. Employment Information
Collect information about the applicant's employment status and income to better understand their financial situation.
- Employment Status (Employed, Self-employed, Unemployed, Retired, Other)
- Current Job Title (if applicable)
- Name of Employer (if applicable)
- Monthly Gross Income
3. Asset Information
Capture details about the applicant's assets to determine their net worth and financial stability.
- Total Amount in Checking Accounts
- Total Amount in Savings Accounts
- Invested Amount in Stocks, Bonds, Mutual funds
- Real Estate Value (Market value of owned properties)
- Automobile Value (Market value of owned vehicles)
4. Liability Information
Understand the applicant's existing liabilities and debts, which impact their ability to repay the mortgage or loan.
- Mortgage Balance (Amount still owed on any existing mortgages)
- Auto Loan Balance (Amount still owed on any existing auto loans)
- Personal Loan Balance (Amount still owed on any personal loans)
- Credit Card Debt (Total amount of outstanding credit card debt)
5. Financial Commitment Information
Identify ongoing financial commitments that may affect the applicant's ability to take on a new loan or mortgage.
- Monthly Rent (If applicable)
- Spousal/Child Support Payments (monthly)
- Health insurance premiums (monthly)
- Childcare costs (monthly)
- Other Financial Commitments (monthly)
The Spousal/Child Support Payments question is important as it highlights any legal obligations the applicant may have, which could impact the eligibility for a loan or mortgage.
6. Declaration and Consent
Ensure that the applicant is providing accurate information and agrees to the terms of the form.
- I declare that all information provided in this form is true and accurate to the best of my knowledge.
- I consent to the use of my information for the purposes of evaluating my financial situation and determining my eligibility for a mortgage or loan.
Things to consider
- Accessibility - Make the form accessible for users with disabilities by using proper HTML tags, labels, and elements. This ensures compliance with accessibility guidelines and creates an inclusive experience.
- Mobile-Friendliness - Optimize the form for mobile devices to make it easier for users to input information on the go. Consider using responsive design and larger touch targets for form fields and buttons.
- Clear Instructions - Provide concise instructions and examples for each form field to guide users through the form. This helps reduce confusion and prevents input errors.
- Validation - Implement real-time validation for form fields, ensuring users enter the correct data format. This can help minimize errors and save time for both users and your business.
- Progress Indicators - For longer forms, consider adding progress indicators to show users how much of the form they have completed. This can help improve completion rates and reduce user frustration.
- Save and Resume - Allow users to save their progress and return to complete the form later, especially if it's lengthy or requires users to gather additional information.
- Security and Privacy - Ensure the form complies with privacy regulations, such as GDPR, and uses secure transmission methods to protect sensitive user data. Clearly communicate your privacy policy and data usage practices to users.
How to create your asset declaration form
Now that you know what questions you should include, it's time to build your form!
The only problem is that traditional forms tools are inefficient.
People will forget to fill out your form. They'll get stuck halfway and not be able to finish it. Or they'll send you the wrong stuff. You end up wasting hours chasing people down over email.
That's why you should give Content Snare a try.
Content Snare is packed with advanced features that will have you hours:
- Automatic reminders - Remind people to complete their form with fully customizable reminders.
- Reject incorrect information - If a single question is filled out incorrectly, ask your client to re-do just that one item.
- Autosaving - No progress gets lost. People can fill out forms in multiple sittings.
- Comments and questions - If the person filling the form gets stuck, they can ask a question without having to email you.
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