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A mortgage is an agreement for borrowing money to buy a home. To apply for a mortgage one has to fill out the mortgage application form.
What is a mortgage application?
A mortgage is the borrowing of money for a house from a lender. First, the mortgage application is filled that asks for all the credit reports along with account information, income, funds, balance, etc.
The lender reviews the application form and scrutinizes the details so as to approve or reject the application. When the application is approved the downpayment is made.
The monthly payment is determined by the interest rates that can vary even when the application is in process.
Learn more about mortgages here:
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