### What is an application in the context of buying a house? - [x] The information submitted to the bank about income, family, and bills - [ ] A legal document outlining the terms of mortgage - [ ] A house inspection report - [ ] A contract between buyer and seller > **Explanation:** An application is the detailed information that a prospective homebuyer submits to the bank. It includes specifics about income, family, expenses, and other financial obligations to help the lender assess the borrower's ability to repay the loan. ### When can you submit a mortgage application? - [x] Anytime - [ ] Only during bank working hours - [ ] Only after pre-approval - [ ] Only after a home inspection > **Explanation:** You can submit a mortgage application anytime. Some applications can be submitted online, providing flexibility in terms of time. ### Where can you submit your mortgage application? - [ ] Only at the bank's physical location - [x] Online or at the bank's office - [ ] At the real estate agent's office - [ ] Only via postal mail > **Explanation:** Mortgage applications can be submitted online for convenience, or at the bank's office if you prefer to speak with someone in person immediately after completing the application. ### What might an application fee cover? - [ ] The cost of a house inspection - [ ] Real estate agent's commission - [ ] Closing costs - [x] Processing and administrative fees for the application > **Explanation:** Some companies require a fee when you complete an application. This fee typically covers the processing and administrative work needed to review and manage your application. ### What type of information is included in a mortgage application? - [ ] Only the buyer's income - [ ] Property details - [x] Income, family details, and credit information - [ ] Lender's previous loan history > **Explanation:** A mortgage application collects detailed information including income of working members in the household, family details such as number of children, and credit information to evaluate the borrower's financial status. ### Who might contact you if more information is required on your application? - [ ] The real estate agent - [ ] A home inspector - [ ] Your employer - [x] The lender > **Explanation:** If more information than what is listed on the application is needed, the lender will contact you to acquire the required details for further processing. ### Why might a lender need information about your family when you submit an application? - [ ] To schedule home visits - [ ] To determine school eligibility - [x] To assess financial obligations and stability - [ ] To verify your real estate agent's report > **Explanation:** Lenders request detailed information about your family (such as the number of dependents) to understand your financial obligations and level of stability, which helps them gauge your repayment capacity. ### What aspect of your financial situation must be included in a mortgage application but is not always reported correctly by applicants? - [ ] The property's market value - [ ] The lender's terms - [x] Credit information and bills owed - [ ] The purchase price of the house > **Explanation:** Credit information and existing financial obligations (bills owed) must be included in the mortgage application to accurately assess the applicant’s creditworthiness. Skipping these or reporting them incorrectly can affect loan approval. ### How essential is including credit information in a mortgage application? - [ ] Not required at all - [ ] It could be added later - [x] Vital for assessing creditworthiness - [ ] Only required for loans above a certain amount > **Explanation:** Including accurate credit information is vital in a mortgage application as it helps the lender assess the applicant's creditworthiness and determine the interest rate and loan terms. ### What should you do if you prefer to speak with someone after completing your mortgage application? - [ ] Submit it online and call the bank later - [x] Go to the bank's office to complete the application - [ ] Send an email to the lender - [ ] Submit a request through your real estate agent > **Explanation:** If you want to discuss your application immediately after completing it, you should go to the bank's office to do the application in person.