Paula Has Completed a Mortgage Application and Provided Evidence of Employment

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