Application, that’s the word today, so that word is often going to be used in conjunction with a real estate application for a mortgage loan often referred to as a ten, ten, thirty or ten point three applications are or three application for a loan.
And that the definition is going to be the form used to apply for a mortgage loan containing information about a borrower’s income, savings, assets, debts and more. So if I use that in a sentence for you, my client recently made their application with a lender for their mortgage.
OK, so it’s pretty simple. I think it’s relatively straightforward. The 10 30 one application is a standardized real estate form used by the lender. They’re going to fill in all these questions and ask a ton of them as they go through. It’s going to go over like how much do you make? Where do you live? What your assets? Are you married? Have you own any other homes? And they’re going to pull credit reports or and ask for bank statements to verify information.
They’re going to ask all these different questions related to you and your ability to borrow to make a decision. It’s a standardized form that they utilize and then out the other end comes in approval or denial. And you’ll probably go through that with a local lender if you are doing the right thing. And off you go. That’s one new real word for today. I’m Mike Acquisto. See you next time.