Web Application Chapter 11 page 469

Tina and Grant Martin, the couple from an earlier Web Application (keyword: "property") have decided to purchase a new home. What is their next step?

Go to the Federal Reserve Board Web site, www.bog.frb.fed.us, and click on Consumer Information. Under Home Mortgage, select the topic Where to Shop and What to Look For. This topic page provides a link to The Mortgage Application Process. Follow this link and answer the following questions:

1. There is a considerable amount of paperwork involved in the mortgage application process. According to the information posted on The Mortgage Application Process page, www.bog.frb.fed.us/pubs/mortgage/morbro_2.htm, what is the first step?

2. What is Worksheet 1 from this Web site used to determine?

3. What type of documentation is required as proof of income?

Include the date of the information in your answer.

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