The prerequisites for a mortgage loan application

A Mortgage Loan Application is a form used by the lender to gather the financial information about the borrower, which enables the borrower to qualify for the mortgage loan.

Mortgage loan application form requires the following information:

• Purchase price or value of property.

• Loan amount required.

• Your gross annual income.

• Which term would suit you best:

5 years.
10 years.
15 years.
20 years.
25 years.
30 Years
40 Years

• What loan types are you interested in:

• Variable rate principal and interest.

Variable rate interest only.
Fixed rate principal and interest.
Fixed rate interest only.

• Applicant’s details:

Name
Address
Telephone no.
Date of birth
Facsimile
E-mail
Occupation
Annual income
No of dependant children
How long you lived there.

Features of an application form:

They are used to enter, update, or query information.
Gives full and complete information about the applicant.
Provides initial enquiry and basic details.
Online application forms are fast, easy and real time savers.

For example, Mr. Peter is interested in taking a mortgage loan from Susan. He is asked to fill a mortgage loan form by her so that she is able to decide that he qualifies for the mortgage loan or not. This is known as ‘Mortgage Loan Application’.

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