Are you a mortgage broker, bank, or finance company looking to streamline your mortgage loan application process? Our mortgage loan application form is tailored to gather essential information from applicants, helping you assess their eligibility efficiently and accurately.
With a well-structured layout and clear questions, you'll save time and provide a user-friendly experience for your clients. Boost your workflow and enhance your customer service by incorporating this comprehensive form into your mortgage application process.
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Questions to include on your mortgage loan application form
1. Personal Information
Collecting personal information is essential to identify applicants and assess their eligibility for the mortgage loan.
- Full name
- Date of birth (mm/dd/yyyy)
- Social Security Number
- Email address
- Phone number
- Current address
2. Employment Information
Understanding the applicant's employment information helps determine their financial stability and ability to repay the mortgage loan.
- Employer's name
- Job title
- Length of employment (years and months)
- Monthly income (before taxes)
3. Property and Loan Details
Gathering property and loan details will help assess the mortgage amount and terms that are suitable for the applicant.
- Property address
- Property type (Single-family, Multi-family, Condo, Townhouse)
- Loan purpose (Purchase, Refinance, Home Equity)
- Loan amount requested
- Estimated property value
4. Financial Information
Asking about applicants' financial information assists in evaluating their creditworthiness and overall capability to repay the mortgage loan.
- Total assets (savings, investments, etc.)
- Total liabilities (credit cards, loans, etc.)
- Monthly debt payments
- Are you applying with a co-borrower? (Yes, No)
- If yes, please provide co-borrower's personal and financial information
Including co-borrower information is important because it can impact the amount and terms of the mortgage loan. This allows for a more accurate assessment of the applicants' combined creditworthiness and capacity to repay the loan.
5. Declarations
Collecting declarations helps the mortgage broker or bank to identify any potential risks and assess the applicant's eligibility for a mortgage loan.
- Have you ever had a property foreclosed on or given a deed-in-lieu? (Yes, No)
- Have you ever declared bankruptcy? (Yes, No)
- Are you a US citizen or permanent resident? (Yes, No)
- Are you a party to a lawsuit? (Yes, No)
These questions may reveal significant information about the applicant's financial history, which could affect their mortgage loan approval or terms.
Things to consider
- Mobile Responsiveness - Ensure the form is designed to work well on both desktop and mobile devices, as many users may access the form on their smartphones or tablets.
- Privacy & Security - Make sure to encrypt the form submissions and store the data securely, as the form collects sensitive personal and financial information. Include a privacy policy and terms of use to reassure users that their data is secure.
- Progress Indicators - Break the form into logical sections and provide a progress bar or visual indicator to let users know how far along they are in the form. This can help reduce abandonment rates and improve completion.
- In-Form Guidance - Add clear instructions and tooltips for questions that may be confusing to users. This will help them understand what is expected in each field and reduce the likelihood of incorrect or incomplete answers.
- Conditional Logic - Use conditional logic to display or hide certain questions based on the user's previous answers. This will make the form feel more personalized and avoid overwhelming the user with irrelevant questions.
- Error Handling - Implement real-time error detection and provide helpful error messages to guide users in correcting any mistakes. This will prevent users from becoming frustrated and increase the completion rate.
- Save and Resume Feature - Allow users to save their progress and resume later if they need to gather more information or if they are interrupted while completing the form. This will increase the likelihood of form completion and improve user experience.
How to create your mortgage 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.