If you completed a standard application in your Unverified Credit Approval step, your are already ahead of the game for this step. If you used the "quick app" in the Unverified Credit Approval, you will begin this step by fully completing the standard application. With the help of your CTX mortgage counselor, you complete a mortgage application for a particular loan program and supply all of the required documentation for processing. Your CTX mortgage counselor will discuss various fees, rate-lock and down payment options with you at this time, and the loan officer will deliver a Good Faith Estimate (GFE) and an initial Truth-In-Lending Disclosure (TIL) that will contain an estimated annual percentage rate (APR) within three days of the date of your application that itemize the rates and estimated costs for obtaining the loan. You may or may not choose to lock the interest rate on your loan at this time.

The key form that you must complete is the loan application form itself. The application identifies the property being financed, you and any co-borrowers, all employment information, all assets and liabilities, and other pertinent information that will support the decision on whether you are financially able to maintain the payments. The property being financed is also being evaluated to see if it is adequate security for the loan. Clearly, it is vital that the loan application be complete and accurate. The next stages of the loan may go more quickly if there are no discrepancies or issues in the application.

We rely on credit information from national credit repositories obtained by ordering and reviewing a credit report for all the borrowers on the application. We will compare the debt information on the application to the credit report and investigate and document discrepancies that are in the loan file.