Paula has completed a mortgage application and provided evidence of employment,income,and existing debt to the potential lending institution.Although Paula has not even begun the process of looking at possible homes to buy,she is eagerly awaiting news from the lender as to whether she has been approved for a mortgage.In what stage of the application process is she?

Question

Quizplus · Accepted Answer

Paula has provided evidence of employment, income, and existing debt, which is consistent with the prequalification stage of the mortgage application. Prequalification involves an initial assessment of an individual's financial situation to determine how much money they could potentially borrow to purchase a home. Appraisal, assessment, amortization, and home inspection are all stages in the mortgage process that occur after prequalification.

Paula Has Completed a Mortgage Application and Provided Evidence of Employment,income,and