What form does the borrower complete when first applying for a loan?

When a borrower initiates the process of applying for a loan, the primary document they complete is the loan application. This is a comprehensive form that gathers essential information about the borrower's financial background, including income, assets, liabilities, and credit history. The details provided in the loan application are crucial for the lender, as they assess the borrower's ability to repay the loan and determine the terms under which it can be provided.

The loan application serves as the foundation for the entire borrowing process. It allows lenders to evaluate risk and make informed decisions about whether to approve the loan, as well as to set interest rates and other terms based on the borrower's financial profile.

In contrast, the other options entail different functions or, in some cases, pertain to aspects of real estate transactions that are not directly related to the initial loan application. For example, a property tax application relates to the valuation of property for tax purposes, while an affidavit of title concerns the seller's ownership and the absence of liens on a property. Lastly, a buyer/seller agreement is a contract governing the terms of a real estate transaction once a buyer is found, rather than a document filled out to apply for a loan.