Applying for a mortgage is a daunting process, so being informed is key to make the entire process go a little easier. Still, there are many things to learn and consider, so we have created an overview that gives you immediate access to the essentials of your mortgage application. These basics should give you a solid basis to start your application, so be sure to read on and discover them!
Property Formation & Purpose of Loan
Those who already selected the home they want to buy need to include this information on the mortgage application, more specifically in the property information section. Information that must be included is the address and the year the property was built. The applicant must also state whether he wants to purchase the home or refinance it.