Loan or Rental Application 101 - Cliffs Notes
Surviving the Loan or Rental Application Process: Facing a blank rental or loan application can be intimidating. There you are, wanting a new home, and this invasion of your privacy is staring back at you. Many adults go weak at the knees when they see the Uniform Loan Application Form 1003. Your average Rental Application makes the 1003 form look like a cakewalk. Seriously, you don't have to divulge all. Just cover the basics and make a good presentation of yourself. As I tell Homebuyer Education students: "You may feel we are rummaging through your underwear drawer!" The fact is landlords and lenders are sizing you up for their specific risk criteria and there is no other way for them to legally gather what they need, while considering your own legal right to fairness. So why the overt scrutiny? #1. Your landlord or lender wants reliable, responsible, stable tenants who can demonstrate an ability to pay them on time. #2. Your loan officer or prop...