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

Mortgage loan application form requires the following information:

1. Purchase price or value of property.
   
2. Loan amount required.
   
3. Your gross annual income.
   
4. Which term would suit you best -
   
   • 5 years.
     
   • 10 years.
     
   • 15 years.
     
   • 20 years.
     
   • 25 years.
     
   • 30 Years
     
   • 40 Years
5. 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.
     
6. 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.
  

Pre-qualified:
Getting pre-qualified implies that you may be offered a mortgage loan. However the lender gives the confirmation only after necessary verification of the loan application. Based on your financial status, debts and credit, he makes an estimate of how much can be borrowed and what monthly payment you can afford. This however does not imply that you will be offered the loan, as there is no written agreement between you and the lender.

Pre-Approved:
Pre-approval requires that you submit a loan application to the corresponding mortgage company or lender. Depending on the mortgage company, you go through various formalities so that your loan is finally approved. The lender reviews the loan application and analyzes the risk with the help of an underwriter. Finally he issues a written commitment stating the loan amount and monthly payments. There are companies who may allow you to lock in the interest rate even when you haven't selected the house that is to be purchased. Thus you are said to be pre-approved for the loan.