Loan application

A loan application is the form filed with a lender to begin the loan approval process. The application usually contains information on the type of loan, the property involved if a mortgage, and sufficient information to obtain credit reports on the borrower.

Expanded Definition

Once the loan application is received and the application fee is paid, the process of collecting information to consider in the loan approval process begins.

Related Fool Articles

Related Terms

Recent Mentions on Fool.com

• Why Bank of America Stock Is Headed Higher
• CAPScall of the Week: Trulia
• Why Bank of America Is Surging Today -- and Why It May Not Last
• Allegations of Homeowner Abuse Won't Help Bank of America Regain Mortgage Business
• 8 Must-Watch Announcements for Bank Investors Next Week
• Bank of America Needs to Get Even Skinnier