mortgage application

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Word: Mortgage Application

Part of Speech: Noun

Definition: A mortgage application is a formal request that a person makes to a bank or financial institution to borrow money in order to buy a home or property. The application includes information about the person’s financial situation, such as their income, debts, and credit history.

Usage Instructions:

• You typically fill out a mortgage application when you want to buy a house and need financial help.
• It’s important to provide accurate information on the application to avoid problems later.

Example:

• “After finding the perfect house, Maria completed her mortgage application and submitted it to the bank.”

Advanced Usage:

• In more advanced contexts, a mortgage application may involve various documents such as pay stubs, tax returns, and proof of employment to support the request for a loan.

Word Variants:

• Mortgage (noun): The loan itself that you take to buy property.
• Application (noun): A request for something, in this case, a loan.

Different Meanings:

• "Mortgage" can also refer to a legal agreement where the bank has a claim on the property until the loan is paid back.
• "Application" can refer to any request made for a service or item, not just financial loans.

Synonyms:

• Loan application
• Home loan request
• Property financing request

Idioms and Phrasal Verbs:

• There are no specific idioms or phrasal verbs directly related to "mortgage application," but you might hear phrases like:
  • "Get approved for a mortgage" – meaning your application has been accepted.
  • "Put in an application" – meaning to submit a request for something, like a mortgage.

Summary:

A mortgage application is an important step for anyone looking to buy a home. It helps lenders understand your financial situation so they can decide if they can lend you money.

Academic

Noun

1. an application for a mortgage loan