When applying for a loan, the lender seeks to obtain all relevant information regarding the borrower, co-borrower and for this purpose a loan application form is required. If the application is for joint credit, the borrower and co-borrower shall each state that they are applying for joint credit. Sometimes, the income or assets of a person other than the borrower are used for qualification in obtaining the loan and this information must be revealed in the application.

In case the loan is for a mortgage loan, then the type of mortgage and terms of loan need to be defined. There are different types of mortgages such as VA, FHA, USDA/Rural Housing Service, conventional or other unspecified mortgage. In addition, the amount of loan, interest rate, number of months, amortization type and whether at a fixed rate, GPM or ARM or other terms need to be mentioned in the loan application.

The subject property address, number of units, legal description of subject property and the year of construction needs to be mentioned to complete the form. The purpose for which the loan is being applied for needs to be stated and may include:
1. Purchase
2. Refinance
3. Construction
4. Construction-Permanent
5. Other (to be specified)

In case the loan is for permanent construction then the following information is required. There is the year of acquisition of lot, original cost, amount of existing liens, and present value of lot, costs of improvement and total cost.

In case the loan is a refinance loan the following information is required; year of acquisition, original cost, amount of existing liens, purpose of refinance, and description of proposed improvements made as well as proposed to be made.

In addition to the above, the names of the titleholders as well as the manner in which the title will be held need to be given. Also, whether the estate will be held in leasehold or fee simple needs to be specified. And, the applicant needs to state what would be the source of down payment, settlement charges and whether there is any subordinate charge and if so, this should be specified.

Above and beyond the information provided, the loan application shall contain complete and all encompassing information about the borrower and co-borrower. This will include name, social security number, date of birth, schooling, marital status, number and names of dependents (if any) and present address. In addition, the employment details of both borrower and co-borrower need to be given in as much detail as possible.

The income details of borrower and co-borrower should state basic income, overtime, bonuses, commissions, dividends/interest, net rental income as well as other sources of income. The combined monthly housing expenses such as rent, mortgage, other financing, hazard insurance, real estate taxes, mortgage insurance, homeowners association dues and other expenses need to be detailed.

All assets and liabilities of the borrower/co-borrower will find mention in the loan application. Once the form has been completed correctly and accurately, it needs to be signed and dated by the borrower/co-borrower. And finally, the application may need some additional information as requested by the government for certain types of loans to ensure compliance with equal credit opportunity and other government guidelines.