Glossary

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Loan Application
The first step toward obtaining a residential mortgage involves filling out a loan application. This document is initiated at a lending institution and contains very specific information about the property as well as the buyers' financial resources. A loan application will include the names and current address of any individuals who will have an interest in the real property. It will also include a legal description of the property and terms of the sale. Borrowers will also note the selling price, less any down payment they are making, in order to determine the amount they need to borrow for the property. Financial information is also included on a loan application. Some of the data that might be listed includes tax information, salary and employment information, and the location and value of any assets used to consider an individual's net worth.