What is a Mortgage Application?
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Mortgage Application Definition
A mortgage application is one of the first steps in obtaining financing for a real estate purchase. It is a detailed document, providing personal information about the mortgage applicant, income information, employment history, credit information, and information about the applicant’s assets and liabilities. Often, it is done before the potential buyer begins searching for a home to purchase. When this is done, the buyer seeks pre-approval for a mortgage .
The information requested can be detailed, so it is best to be as accurate and as thorough as possible. The decision of whether or not to grant a mortgage will be based, in large part, on the information provided in the application. Additional documentation is usually required to verify this information.
Every mortgage application submitted to First Foundation will be looked at by a professional mortgage broker who will work with you to make sure everything is in place.
Methods of Completing a Mortgage Application
If you are looking to submit a mortgage application with First Foundation, here are the ways you can do that.
Online Mortgage Application
The most efficient way to submit a mortgage application is through our secure online mortgage application form. Once the application has been submitted online, one of the mortgage brokers in our office will either give you a call or send you an email, whichever your prefer. At that time, we will work through the remainder of the process, and answer any questions they may have.
Office Mortgage Meeting
If you prefer to deal face to face with people in real life, that is perfectly acceptable to us, we would love to meet with you! Our mortgage brokers would be more than happy to schedule an appointment with you. Here is a link to
our contact page that has our office location and phone numbers.
Telephone Mortgage Application
If you are not completely online savvy and don't have access to an in person meeting, applications can be taken over the phone with the assistance of a Licensed Mortgage Broker. There will be some documentation that will be transmitted through email or fax, however most of the mortgage application process can be handled on the phone.
Contents of a Mortgage Application
Here is some of the information that will be collected as part of the mortgage application:
- Personal information: Name, address, date of birth, marital status, length of time at present address, whether you own or rent your residence are some of the questions;
- Employment information: You will be asked your present employer, how long employed, job title, salary information, other sources of income;
- Assets and liabilities: You will be asked to provide information on real estate, bank accounts, retirement accounts and other assets you own, as well as your liabilities, including credit cards, other mortgages, rent, monthly payments of your liabilities.
- Property Information: If you own real estate, you will be asked about its current value, taxes, the name of any mortgage holder, the balance of the mortgage and monthly payment information.
- Purpose of the mortgage loan: You will be asked whether this loan is for the purchase of real estate, a refinance of a mortgage, a second mortgage, a line of credit, a construction loan, etc.
The mortgage professionals at First Foundation are educated and trained to provide you with the assistance needed to begin the mortgage application process and to take you to completion, as smoothly as possible.Source: www.firstfoundation.ca