mortgage application
Học thuậtThân thiện
Definition
Noun: A formal request submitted to a lender (such as a bank or mortgage company) to borrow money for the purpose of purchasing real estate, with the property itself serving as collateral for the loan.
Usage
A "mortgage application" is the first major step in the home-buying process. It is a detailed form where the prospective borrower provides personal, financial, and property information so the lender can assess their creditworthiness and the risk of the loan.
Examples
- The couple spent the evening carefully completing their mortgage application.
- Approval of your mortgage application depends on your credit score and debt-to-income ratio.
- The bank requires several documents, like pay stubs and tax returns, to process a mortgage application.
Advanced Usage
- To submit/file a mortgage application: The act of formally sending the completed application to the lender.
- They will submit their mortgage application once their offer on the house is accepted.
- Mortgage application process: The entire sequence of steps from submission to final approval or denial.
- The mortgage application process can take several weeks.
Variants and Related Words
- Applicant (n): The person who submits the mortgage application.
- Lender (n): The financial institution that receives and evaluates the mortgage application.
- Pre-approval (n): A preliminary evaluation by a lender indicating how much they are willing to lend, often based on a simplified application, before a specific property is chosen.
Synonyms
- Loan application (specifically for a real estate loan)
Related Phrases
- To be turned down/denied on a mortgage application: To have one's application rejected by the lender.
- They were turned down on their mortgage application due to insufficient income.
- To have a mortgage application pending: To have an application under review by the lender.
- Our mortgage application is pending while the bank orders an appraisal.
Noun
- an application for a mortgage loan