A mortgage application is the lender's way of evaluating your credit-worthiness and determining whether to take the risk of lending you money. Although it can be an intimidating document, you'll be ahead of the game if you keep good financial records. You'll especially want a complete list of your investments, including money in your retirement plans, for a picture of your net worth. Details of purchase asks about how much you want to borrow, how much down payment, or cash part of the purchase price, you have, and where the rest of the money will come from. It's smarter to have the money in your account before you apply.
Monthly income is a key figure for lenders.
It can include non-salary income, such as earnings on your investments or money you get from rentals, but you'll have to prove the income is regular. You can also count alimony or related payments to establish your eligibility. Job information focuses on regular employment so you'll probably need verification from your employer. If you're self-employed, you often have to provide more information, including income tax returns, credit reports, and profit and loss statements for your business. If you have outstanding debts Net worth is the total value of what you have, or your assets , minus what you owe, or your liabilities .