Paula Has Completed a Mortgage Application and Provided Evidence of Employment

question 83

Multiple Choice

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?

• A) Appraisal
• B) Prequalification
• C) Assessment
• D) Amortization
• E) Home inspection

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Definitions:

Swing-Arm Type

A design of suspension or support where a pivoting arm moves in an arc, commonly used in motorcycle rear suspensions.

Drive-On Type

Refers to equipment or mechanisms that are engaged or activated by driving onto or over them, often seen in automotive service equipment.

Four-Post Design

A type of lift or rack in automotive repair shops or garages featuring four posts that provide stability and support for a vehicle during maintenance or inspections.

VIN Number

The Vehicle Identification Number, a unique code used to identify individual motor vehicles.