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Summation
Step 3 - The Application
The application
is the true start of the loan process and usually occurs between days one and
five of the start of the loan process. The borrower completes, with the aid of a
mortgage professional, the application and provides all Required Documentation.
The various fees
and closing cost estimates will have been discussed while examining the many
Mortgage Programs and these costs will be verified by the Good Faith Estimate
(GFE) and a Truth-In-Lending Statement (TIL) which the borrower will receive
within three days of the submission of the application to the lender.
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