A paper or online form used to apply for a loan

When you fill out an application and submit it to a broker or lender, you have taken the first step in applying for a loan. Even if you don't have a property in mind, you can still apply and get a preapproval on a loan. The application, also referred to as a 1003, asks for personal and financial information, such as your current bills, present salary and bank account balances.

See: Preapproval