What is a Mortgage Application?
A mortgage application is a type of loan application. When a person wants to buy real estate, he applies for a mortgage from a bank, mortgage company or other type of lending institution. To do so, he fills out a form, which is referred to as a mortgage application. The mortgage application asks a number of important questions about the applicant’s identity, employment history, income, monthly expenses, and debts. It also asks for information about the house the person wants to buy and the amount he wants to borrow. The physical application form is only one part of the mortgage application process. A big part of this process is the checking of the borrower’s credit history. The bank, lending company, or other lending institution checks the borrower’s credit history through a credit bureau. The purpose of this check is to find out whether or not the borrower has a history of paying his bills on time. No matter how good an applicant looks on a loan application, he stands to be rejected i
A mortgage application is a process that mortgagors or home buyers have to complete before acquiring a mortgage. When a mortgagor is able to provide the requirements in a mortgage application and if he is seen by the lender as a favorable borrower, the the home buyer will definitely be granted his mortgage.
