A mortgage loan application is the documentation process a prospective borrower goes through in order to obtain a mortgage which is a loan often needed in order to purchase a home. Anyone who needs to borrow money for a home will have to fill out one of these documents along with many others through the borrowing process. In the end, though, the homebuyer can end up with a new home, an older home, a vacation house, condo, or even a home to be used as a rental property. What ever the type of home or the reason for purchase; mortgage loan applications will begin the process of the purchase.
Various lending institutions allow prospective borrowers to apply through the Internet. Also, borrowers can call, write, or email lending institutions for a mortgage loan application to be sent to them if they do not want to apply online. Some real estate companies keep forms for lending on hand from lending institutions that their clients have successfully received financing from. Typically, lending institutions will review the mortgage loan applications and pre-approve prospective borrowers. Lending institutions usually take less then two business days to review and pre-approve the borrowers.
Applicants must typically list employers and their contact information, social security number, references, gross annual income, etc when applying for home lending. Just applying, usually, gives the lending institution permission to read one's credit report. During the mortgage loan application process, the lending institution will arrange to have the value of the property they wish to buy or re-finance appraised. Part of the application process will include a phone or personal meeting. The lending institution will want to review the mortgage loan applications with the applicant and talk about the conditions of the lending contract.
Waiting on the final acceptance and release of the forms will take patience. The mortgage loan application process from start to finish can take a couple of weeks to a few months. There are many factors that will determine how quickly the lending institution will process the mortgage loan applications and release the money to the applicant. God, through His Word, encourages His people to pursue patience. It is written: "But thou, O man of God, flee these things: and follow after righteousness, godliness, faith, love, patience, meekness." (1 Timothy 6:11). Those who are anxious and excited about moving into the home and the release of the loan is taking longer than expected should rely on God for patience.
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