Prerequisites for Mortgage loan application

Sam

Application is a form used by the lender to gather the financial information about the borrower, which enables the borrower to qualify for the loan.

Mortgage loan application form requires the following information:

Purchase price or value of property.
Loan amount required.
Your gross annual income.
Which term would suit you best -
- 5 years.
- 10 years.
- 15 years.
- 20 years.
- 25 years.
- 30 Years
- 40 Years
What loan types are you interested in -
- Variable rate principal and interest.
- Variable rate interest only.
- Fixed rate principal and interest.
- Fixed rate interest only.
Applicant's details -
- Name
- Address
- Telephone no.
- Date of birth
- Facsimile
- E-mail
- Occupation
- Annual income
- No of dependant children
- How long you lived there.

Features of an application form:

They are used to enter, update, or query information.
Gives full and complete information about the applicant.
Provides initial enquiry and basic details.
Online application forms are fast, easy and real time savers.

For example, Andrew is interested in taking a loan from Carole.He is asked to fill a form by her so that she is able to decide that he qualifies for the loan or not. This is known as 'application'.

Related Article:

Factors involved in a loan application process

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