Standard Mortgage Forms

Part 7 of our Mortgage Basics series of articles discusses standard mortgage forms

standard mortgage forms - Horizon Home Mortgage CT MAThere are three basic standard mortgage forms you should be aware of: the mortgage application, loan estimate, and closing disclosure.

Mortgage Application
The standard mortgage application form is usually called a Uniform Residential Mortgage Application“, or a “1003. This is the form used when applying for a mortgage from a lender.

The form is used to record your relevant financial information when looking to obtain a conventional one-to-four-family mortgage. Information needed on the form: Personal information, purpose of loan, income, assets, plus other information.

Loan Estimate
A lender must send you a Loan Estimate within three days of receiving your name, income, social security number (to get a credit report), property address, estimated value of the property, and loan size being requested.
The loan estimate outlines the loan terms like loan type, estimated monthly payments, and interest rate. It should also outline the estimated closing costs.

Review the loan estimate carefully and ensure the terms are what you expected. If anything seems off, ask your lender to explain why and, if appropriate, to make any corrections. A good mortgage broker can also help ensure preceding forms are completed accurately so there are no surprises.

Closing Disclosure
You are entitled to receive, and lenders are required to provide you, a written disclosure of closing conditions within three business days of your closing date.

Thoroughly review the details of the Closing Disclosure as soon as you receive them. Question anything that doesn’t match your Loan Estimate. Look at items like loan amount, monthly mortgage payment, closing costs, insurance outside escrow and estimated taxes. Speak to your lender or mortgage broker about any discrepancies.

If you find significant differences or changes, then another three-day disclosure period may be needed.

If you are working with a quality mortgage broker and provided him with accurate information, then most of this process should go smoothly. Keep accurate records and follow any schedule of deliverables given you by your lender or mortgage broker.

If you read our previous “Mortgage Basics” articles, you are well on your way to having a strong basic understanding of the mortgage industry. If this is the first time visiting our blog and you want to dive into mortgage basics, start with our first article in the series titled, “Mortgage Basics – Part 1“.

If you are in Connecticut or Massachusetts, and in the market for a new home, contact us and let’s review your options. As a mortgage broker, we have access to a wide range of mortgage products and can find one that works for your unique situation.

Use our Quick Quote form on our homepage or our Get Started form. Call us at (860) 285-0635 or email Mark or Samir ( /, and we will connect you with any of our friendly, experienced team members.

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