In real estate, the term “application” is used in relation to mortgage and a rental process as in mortgage application and rental application, respectively.
A mortgage application is a document provided by a homeowner who intends to borrow money to purchase a house or land. It contains several information about the property a borrower wishes to acquire, such as:
- Date built
- Property Specifics (e.g. 2-bedroom, 1 toilet & bath)
It will also include information about a potential borrower’s personal identification, financial credibility, and loan or rental history. In compliance with the Federal anti-discrimination laws, details regarding ethnicity, religion, and other facts which are perceived as discriminatory are excluded.
Mortgage Application Process
An applicant must provide financial data, such as annual income, net worth, and employment details for lenders to process the application. All these should come with supporting documents, including pay stubs and bank statements.
For examination and verification of identity and credit histories, an applicant must provide current addresses, address history, Social security numbers, and other personal information.
Rental or Tenancy Application
A landlord will provide prospective tenants a document to fill out which will serve as a key screening document. It will cover a wide range of information, from rental history to Social Security number.
A tenant may also be required to provide details for past evictions, bankruptcies, criminal convictions, and the like in the rental application.