mortgage application

A mortgage application is the process where a person seeks a loan from a lender to buy a home. The lender reviews the applicant’s financial information, such as income, credit score, and debt levels, to assess their ability to repay the loan. The process includes submitting documentation, such as pay stubs and bank statements, and may involve an appraisal of the property. If approved, the lender offers a loan with specific terms, which the borrower can accept to finance the home purchase. This process helps ensure that both parties understand the financial obligations involved.