Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of A
Application
The first step in the official loan approval process. The application form is used to record important information about the potential borrower, such as a borrower's job, income, savings, assets, debts and more. This is necessary for the * underwriting process.
Glossary For This Page
(In Alphabetical Order)
* Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan. It includes a review of the potential borrower's credit history and ability to pay the loan, and a judgment of the property value.
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