What is 'Mortgage Application'
A document submitted by one or more individuals applying to borrow money to purchase a real estate property. The mortgage application contains information about the property the potential borrowers want to purchase, such as its address, year built and price, as well as financial and background information about the borrowers themselves. Lenders and underwriters use the information submitted on the mortgage application to determine whether money should be lent to the applicants and if so, how much, for how many years and at what interest rate.
BREAKING DOWN 'Mortgage Application'
The mortgage application asks for financial data on each applicant, such as net worth, employment and annual income. The application also asks for applicants' Social Security numbers, current addresses, address history and other personal information so that the applicants' identities and credit histories can be verified and examined. Supporting documents, such as bank statements and pay stubs, are often also submitted along with the application.