3 Reasons To Give Accurate Information On Your Mortgage Application

3 Reasons To Give Accurate Information On Your Mortgage Application

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A mortgage application is typically several pages in length, and it requires you to provide a considerable amount of information about your personal, professional, and financial life.  Some mortgage applicants may not have access to all of the required information when completing the application, and others may simply skim over the form which may result in providing incomplete and/or inacurate answers.  Here are a few of the key reasons why applicants should take time to give accurate information.

 

Loan Approval is Based on It

 

The initial loan application will usually serve as a basis for the pre-qualification of the mortgage request.  The applicant may make a decision to move forward with an offer to purchase a home based on this pre-qualification, but the pre-qualification is based on the accuracy of the information that is initially provided to the lender in the loan application.  If the information is incorrect then an applicant may not be able to qualify for the loan and the deal could fall through.

 

Information Will Be Verified

 

The majority of the information that is provided by the applicant in the loan application will be verified at various points throughout the loan process.  For example, a credit report may be pulled very early on in the loan process, and it may be used to document the accuracy of the debts and monthly payments that the applicant wrote on the loan application.  Tax returns, pay stubs and other related documentation may also be required. Essentially, the lender will eventually have access to the accurate data, so there is little benefit to providing inaccurate information up-front on the loan application.

 

It Is Against the Law

 

A final reason why it is advisable to provide accurate information on the application is that not doing so is illegal.  There is a disclaimer on the standard mortgage application that goes into detail about the law regarding providing false information on a loan application.  There are also disclosures that are signed before and during closing that relate to this requirement.

 

Completing a loan application is among the first steps mortgage applicants take when applying for a loan, and it is easy to overlook the importance of providing accurate and detailed information at this stage in the process.  It is best to take time complete the loan application as thoroughly and accurately as possible since it is a legal requirement and because there are other negative consequences.

 

If you are in the market to purchase a home and have questions about how a loan application works and/or would like to begin the home search process, call or text (469) 262-5411 to talk to a Trusted Advisor | REALTOR® from Martin Real Estate Advisors, a JP & Associates Realtors® Company.  We can help you navigate the complex, emotion filled home buying process, and will put you in touch with two of our lending partners that can answer your questions and help you through the loan application process.


Annette Bruen Headshot
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Phone: 972-977-3221
Dated: August 28th 2015
Views: 881
About Annette: Before making the move to help families realize their real estate dreams, Annette made her professio...

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