What is the first step required to initiate a mortgage loan?

The first step required to initiate a mortgage loan is the submission of an application. This step is essential because it provides the lender with the necessary information about the borrower, including personal details, financial status, and the amount of loan requested. The application serves as the foundation for the entire mortgage process, allowing the lender to assess the borrower's creditworthiness and ability to repay the loan.

Once the application is submitted, the lender can then proceed with subsequent steps, such as conducting a credit check to evaluate the borrower's credit history, arranging a property appraisal to determine the value of the property being financed, and gathering documentation of assets for a complete financial picture. These steps are important but they cannot occur until the application itself is submitted, making it the initial and crucial step in the mortgage loan process.