Welcome to NuWorld Mortgage!  At NuWorld, we dedicate ourselves to facilitating the mortgage loan process for individuals.  Whether you are purchasing, refinancing, constructing, debt consolidating, or using your home's equity, we will be able to assist you.  We work closely with mortgage brokers who deal with over 100 different banks and lenders that have multiple loan programs.  Our network consist of mortgage brokers and loan processors who are licensed in 38 states.  We will be able to assist you with completing the proper forms required to get your mortgage loan processed in a timely manner.

Borrower – Name of primary person on loan. (main wage earner)

SSN  – Social Security number of borrower

Age – Age of borrower.

Home Phone – The home telephone number of the borrower.

Work Phone – Work phone number of borrower.

Home Address – The current home address of the borrower and co-borrower.  Two years of residency is required.  If they have resided at current address less than 2 years, previous address is necessary.

Employer – Name of the borrower’s employer.

Employer Address – Address of the borrower’s employer.

Position – Current job title of borrower.

Years on Job – Number of years with this employer.  If less than 2 years, list previous employer.

Years in This Line of Work – Total number of years in this profession.

Income – Amount of money borrower makes per month at current job.  To figure the monthly income.

Co-Borrower - Name of second person that the loan will be listed under.

SSN – Social Security number of co-borrower.

Age – Age of co-borrower.

Employer – Name of the co-borrower’s employer.  If less than 2 years, list previous employer.

Employer Address – Address of the co-borrower’s employer.

Position – Current job title of co-borrower.

Income – Amount of money co-borrower makes per month at current job.

Purchase – The purpose of the loan is for the borrower(s) to obtain a loan so they may purchase a new home.

Refinance (Rate/Term) – The purpose of the loan is for the borrower(s) to redo their loan so that they can save money by obtaining a lower interest rate or change the term on their current home loan.  Borrowers choose not to take equity/money out of their home loan.

Refinance (Cash-out) – Borrowers receive cash out of the equity of their home.

Full Doc – A loan program that requires the borrower(s) to provide every single document necessary in order to process a loan.

Stated Income – A loan program that does not require the borrower(s) to provide any proof of their income. (The lender does have the right verify income if the income on the application is not deemed reasonable.)

No Ratio – A loan program that requires borrower(s) to provide information on their assets, but does not require borrower(s) to declare income.

No Doc – Also known as “NINA” – No Income, No Assets.  A loan program that does not require the borrower(s) to provide any information on their income or assets.  The borrower must have a credit score of 680+ and must put a minimum down payment of 5% to qualify for this program.

Market Value $ – The current dollar value of the borrower’s home.

Mortgage Balance $ – The amount of money the borrower(s) still owe on their current home loan.

# of Units – The number of entities in a single lot/structure.

Present Rate – The current interest rate the borrower(s) are paying on their home loan.

Monthly Mortgage Payment – The minimum amount of money the borrower(s) are required to pay per month on their current home loan.

Annual RE taxes $ – Amount of real estate tax dollars borrower(s) pay per year for their home.

Annual Insurance $ - Amount of money borrower(s) pay per year for their home insurance.

Desired terms – The number of years in which the borrower(s) would like to have their home loan paid off.  The higher the number of years, the lower the monthly mortgage payment.

Purchase Price – For Purchases only, the price that the borrower(s) agreed to pay to purchase their new home.

Total Down Payment – For Purchases only, the amount of money the borrower(s) must pay out of their own pocket, as an initial payment, toward the purchase of their home.

Property Address – The address of the home that is to be refinanced or purchased.

Bank name – Name of bank where borrower and/or co-borrower has an account, whether checking or savings.

Balance – Amount of money currently in the bank account listed.

Bank name – Name of bank where borrower and/or co-borrower has an account, whether checking or savings.

Balance – Amount of money currently in the bank account listed.

News By: MortgageDaily.com