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

1. an application for a mortgage loan