Which two of these are essential for completing an initial mortgage loan application quizlet.

SAT

1 answer:

Leokris [45]2 years ago

7 0

The two (2) information that are essential for completing an initial mortgage loan application include:

Proof of income.
Current debts and credit history.

<h2>What is a mortgage loan?</h2>

A mortgage loan can be defined as a secured loan that is typically used to finance (purchase) or maintain a property in real estate such as a land, home, etc.

<h3>The feature of a mortgage loan.</h3>

Basically, a mortgage loan is usually provided to a borrower by a mortgage lender or a financial institution (bank) while an immovable asset (collateral) is promised by the borrower to the mortgage lender in the event that payments are stopped.

During the application of a mortgage loan, the borrower uses his or her home as a collateral. Thus, these two (2) information are essential for completing an initial mortgage loan application: