A paper or online form used to apply for a loan
When you fill out an application and submit it to a broker or lender, you have taken the first step in applying for a loan. Even if you do not have a property in mind, you can still apply and get a preapproval on a loan. The application, also referred to as a 1003, asks for personal and financial information, such as your current bills, present salary and bank account balances.
See: Preapproval
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Friday, April 14, 2006
