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Loan Application Instructions

When applying for a loan with Franklin Mortgage Company, the first step is to complete a
loan application.

Next click on the 3 links below and print each of the necessary disclosures:
     1.   Borrower's Certification & Authorization.
     2.   Refundability of Fees and Advances.
     3.   Disclosure Notices.

Once you have completed your application and printed and signed all 3 disclosures, you can fax each of them to your loan officer at 602-954-8026


Instructions for completing each section of the loan application.

***A common rule is that all information listed on the application is on a monthly basis.***

Section I. Type of Mortgage and Terms of Loan

This portion of the loan application can be left blank, and will be completed by your loan officer, upon agreement of a program and rate.

Section II. Property Information and Purpose of Loan

Please complete this section. Depending on whether you are purchasing or refinancing will determine which sections to complete.

For a purchase, complete the following: the property address, year built, purpose of loan, property will be, title will be held in what Name(s), manner in which title will be held (i.e. Sole and Separate, Joint Tenants with Right of Survivorship, Community Property with Right of Survivorship, etc…), and source of down payment (i.e. sale of home, savings, etc.)

For a refinance, complete the following: the property address, year built, purpose of loan, property will be, year acquired, original cost, purpose of refinance, describe improvements, title will be held in what Name(s), manner in which title will be held (i.e. Sole and Separate, Joint Tenants with Right of Survivorship, Community Property with Right of Survivorship, etc…), and source of down payment (i.e. sale of home, savings, etc.)

Section III. Borrower Information

Please complete all of this section. Please remember to include at least two years of residence history. Any portions left blank will have to be completed upon receipt of the application by your loan officer.

Section IV. Employment Information

Please complete all of this section. Again, please remember to include at least two years of continuous employment history. We will need your employers mailing address and a phone number.

Section V. Monthly income and combined housing expense income.

This section can be left blank and will be completed by your loan officer upon review of your paystubs, W2s or tax returns, whichever he/she requests.

Section VI. Assets and Liabilities

Page 2

Under the assets section, please list all checking, savings, money market, 401K, retirement accounts, etc. We will need all account numbers. Also, please list any automobiles owned, and any other assets (i.e. personal property value).

Under the liabilities, please list any accounts with balances, along with the loan/account numbers (i.e. mortgages, automobile loans, credit cards, students loans, personal lines of credit, etc.) When listing your monthly payments, please remember that these should be your required minimum payments, regardless of what you pay each month.

Also, if you are responsible for paying alimony or child support, please list the amount and whom you pay each month.

Page 3

Please list all real estate owned. In the first column,

Column #1: Please list the address(es).

Column #2: Property Status. This would include owner occupied (O/O), sold (S), pending sale (P/S), or a rental (R).

Column #3: Type of property. This would include Single Family Residence (SFR), Condo, Townhouse, Land, etc.

Column #4: Present Market Value. Please give us an estimate of the property value.

Column #5: Amount of Mortgages and liens. Please total the principal balances that you owe on each property and enter in this column.

Column #6: Gross Rental Income. If your property is a rental, please list the monthly income you receive according to the rental agreement.

Column #7: Mortgage payments. Please total the amount of your monthly mortgage payments and list in this column.

Column #8: Insurance, Maintenance, Taxes & Misc. Please total the monthly payments of your insurance, taxes, HOA fees, etc. and list in this column. If your taxes and insurance are impounded in your monthly mortgage payment, please leave this section blank.

Column #9: Please leave this section blank to be completed by your loan officer.

Section VII. Details of Transaction.

This portion of the loan application can be left blank, and will be completed by your loan officer.

Section VIII. Declarations.

Please check all boxes that apply.

Section IX. Acknowledgement and Agreement.

Please sign and date this section.

Section X. Information for Government Monitoring Purposes.

Please check all boxes that apply.
 


 

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 © 2004 - 2008 Franklin Mortgage  BK-0009145
4222 East Camelback Road, Suite H-200,    Phoenix, AZ 85018

Office  (602) 224-5995     Fax (602) 954-8026        Email:
servicing@franklinloans.com
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