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This page contains all the instructions you need to get started on the application process. Select the appropriate section: If you find that these instructions do not completely answer your questions, feel free to give us a call at 808-885-5516, or email us and we will respond within one business day.
Instructions for Applying by MailThere are six forms required to begin the loan process with Royal Pacific Mortgage. (The gift letter is optional). The first form is the Uniform Residential Loan Application (1003). On this comprehensive document you will be asked all the pertinent information regarding yourself, any co-borrower, the property you wish to purchase, information about your current assets and liabilities, etc. Don't be intimidated by the size of the form, answer all the questions as best you can, it is OK to leave some blank. If you get stuck, feel free to give us a call, we will be happy to talk you through it. For hints, you can look at the instructions below. The other five forms simply require a signature. You must authorize us to investigate your credit worthiness and permit us to release that information to potential lending institutions. You must also allow us to verify your past and present employment records and bank accounts. You must allow us to obtain copies of the last three years of your income tax filings. One of the forms is a disclosure stating the important points of the Equal Credit Opportunity Act. These are rules we must follow in providing loans to our customers. Signing these forms acknowledge that we have disclosed this information to you.
Instructions for filling out the 1003 Application FormThe Uniform Residential Loan Application (1003) is a comprehensive document on which you will be asked all the pertinent information regarding yourself, any co-borrower, the property you wish to purchase, information about your current assets and liabilities, etc. Don't be intimidated by the size of the form, answer all the questions as best you can. If you get stuck, feel free to give us a call and we will be happy to talk you through it. The 1003 is broken up into the following ten sections: I. Type of Mortgage and Terms of Loan Use the fields in this section to describe the basic type of loan you are looking for. II. Property Information and Purpose of Loan This section allows you to describe the property that this loan will be used to buy. This section specifies the personal information of the borrower and the co-borrower (if any). This section must be as complete as possible and specifically include the Social Security Number as most financial records are keyed to this number. This section allows you to tell us where you work and whom we may contact to verify employment. V. Monthly Income and Combined Housing Expense Information This worksheet section allows us to calculate how much of your monthly expenses will be tied to your mortgage payments. Each loan program has certain limits within which you must fall to qualify. Use this section to list all of your assets and outstanding debts. This section is fairly important. Your past performance in paying your debts will be major factor in what kind of loan you can qualify for. VII. Details of the Transaction You may leave section blank because it contains information that is not known until the loan is approved and all the fees are finalized. This section gives us some other background information on your financial situation that may have a bearing on the transaction. IX. Acknowledgement and Agreement You and the co-borrower (if any) must sign this section. Your signature(s) verify that the information provided in this application is true and correct as of the date of application. X. Information for Government Monitoring Purposes Information on race and sex is voluntary. Please read carefully and check the appropriate box. |
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