Are you a mortgage broker, finance broker, or bank looking to streamline your loan application process? This comprehensive loan application form can make your life easier by collecting all the essential information about your clients.
Designed specifically for businesses like yours, it covers personal, employment, loan purpose, property, and financial information. Get started today and make your loan application process smooth and efficient!
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Questions to include on your loan application form
1. Personal Information
Collecting personal information is essential for identifying the applicant and for contacting them throughout the loan application process.
- Full name
- Date of birth (MM/DD/YYYY)
- Social Security Number
- Email address
- Phone number
- Current residential address
2. Employment Information
Understanding the applicant's employment status and history is crucial for assessing their ability to repay the loan.
- Employment status (Full-time, Part-time, Self-employed, Unemployed, Retired)
- Employer name
- Job title
- Monthly gross income
- Length of employment (Years)
3. Loan Purpose
Identifying the purpose of the loan can help you determine the appropriate loan product and ensure that it meets the applicant's needs.
- Purpose of the loan (Home purchase, Refinance, Home improvement, Debt consolidation, Other)
4. Property Information
Gathering property information is necessary for determining the loan amount and evaluating the property as collateral.
- Property address
- Property type (Single-family, Multi-family, Condo, Townhouse, Manufactured home)
- Estimated property value
- Outstanding mortgage balance (if applicable)
5. Financial Information
Getting an insight into the applicant's financial health is key to determining their ability to repay the loan and assessing the risk of lending.
- Total monthly debt payments (including credit cards, loans, etc.)
- Total assets (savings, investments, real estate, etc.)
- Total liabilities (outstanding loans, credit card balances, etc.)
- Bankruptcy history (Yes, No)
- If yes, provide details of the bankruptcy
The bankruptcy question is important as it gives a clear picture of the applicant's financial history, which may affect their eligibility for the loan.
Things to consider
- Accessibility - Ensure your form is accessible to all users, including those with disabilities, by using descriptive labels, providing clear instructions, and considering color contrast for readability.
- Mobile compatibility - Optimize your form for mobile devices, as many users will be accessing it from their smartphones. Use responsive design and ensure touch targets are large enough for easy interaction.
- Progress tracking - Provide a progress indicator or section titles to help users understand where they are in the form and how many steps are left to complete.
- Error handling - Implement clear and immediate error messages to guide users in correcting any mistakes made while filling out the form. Consider using inline validation to provide feedback as they type.
- Save and resume - Allow users to save their progress and resume the form later, especially if it's a lengthy application. This can reduce the risk of losing data due to technical issues or interruptions.
- Pre-fill known information - If you already have some information about the user, pre-fill those fields to save their time and improve the user experience.
- Security and privacy - Ensure the form is secure, and all sensitive data is encrypted. Provide a privacy policy link and, if necessary, obtain user consent for data collection and usage.
How to create your loan application 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.
Give it a go by signing up for your free 14-day trial.