Correctly Fill Out The Assets Section Of Mortgage Form 1003

Posted by  on Dec 30, 2010

To get the best mortgage rates on your purchase or refinance home loan, you will need to correctly fill out the assets section of mortgage loan form 1003. The mortgage lender is very interested in your assets, because the more money you have in the bank, the more of a safety net you have for making your monthly mortgage loan payments on time.

Cash deposit toward purchase held by: This only applies to a purchase mortgage, not a refinance. You would write the name of the escrow or title company to whom you made the earnest money deposit check that was submitted along with your offer.

Cash or Market Value: Write in the dollar amount of the check you gave the escrow or title company.

Name and address of Bank, S&L, or Credit Union: There are three sections to list your checking accounts or savings accounts. You need to write the institution name, such as Bank of America, and the address, which you should be able to find on your most recent statement.

Acct. no. : The mortgage lender will require a full and correct account number so that your account balance can be verified.

$: Write in at least an approximate current balance. The mortgage lender will require you to provide bank statements and may communicate directly with your bank to verify the balance.

Stocks & Bonds (Company name / number description): Normally you will write in the institution name, such as Charles Schwab, where your stock or bonds are held. You may also want to list the number of shares and company's trading symbol, such as 200 shares of XOM.

$: The approximate current dollar value of your stocks or bonds.

You aren't required to disclose all of your assets if you don't want to. However, banks are always more willing to lend to those who don't seem to need the money--and the more assets you can disclose, the more likely you are to be approved for your mortgage.


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