What is typically required in order to apply for a mortgage?

To apply for a mortgage, it is generally necessary to provide proof of income, credit history, and employment verification. These elements are crucial for lenders to assess the financial stability and creditworthiness of the applicant. Proof of income allows the lender to verify that the borrower has a reliable and sufficient source of income to cover monthly mortgage payments. Meanwhile, credit history provides insight into how the borrower has managed previous debts and obligations, which influences the lender's decision on whether to grant the mortgage and at what interest rate. Employment verification reassures the lender of the borrower’s current employment status, further establishing their financial reliability.

The other options do not reflect standard requirements for applying for a mortgage. Multiple property appraisals are not typically needed to initiate a mortgage application; rather, they are part of the underwriting process that happens after a loan is applied for and before approval. A signed buyer's agreement may be pertinent in real estate transactions, but it is not a prerequisite for applying for a mortgage. The requirement for a credit report from immediate family members is not standard practice, as lenders only require the credit report of the individual applying for the loan.