Application
Definition of "Application"
A request for a loan that includes the information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. In a narrower sense, the application refers to a standardized application form called the '1003' which the borrower is obliged to fill out.
Popular Mortgage Terms
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
A documentation option where the applicant's income is disclosed and verified but not used in qualifying the borrower. The conventional maximum ratios of expense to income are not ...
In general, a Down payment is a one-time payment a buyer makes to diminish the risks of the seller of expensive goods like a car, or a house. In Real Estate, the home buyer makes a down ...
Assuming responsibility for someone else's payment obligation in the event that that party defaults. ...
During the great depression of the 1930s, the government stepped in and came with an innovative loan to help the banking industry recover, thus putting the whole economy back on track. FHA ...
Having the builder borrow the money needed for construction. ...
Loan applications that are withdrawn by borrowers, because they have found a better deal or for other reasons. ...
Refinancing that omits some of the standard risk control measures and is therefore quicker and less costly. The rationale for streamlined refinancing is that, while it is an entirely new ...
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...
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