Be transparent in the loan application3 of 7Don't hide flaws such as credit problems, and don't fudge information about income or assets."Take your time to carefully fill out the loan application as accurately as possible," Dal Porto says. "Trying to hide credit problems or holding back requested documents can only work against an applicant by delaying the process and possibly even preventing a mortgage approval."The lender wants to make sure the borrower has the capacity to repay the debt. So applicants should be prepared to disclose all assets and income, Tessier says."If you earn overtime pay or a bonus, be ready to provide documentation for extra income," Tessier says. "Make sure you document all your assets, including a 401(k), an IRA, CDs and savings, even if you won't be using those funds for the home purchase." Related Articles:N.Y. tops in closing costs7 reasons to refinanceCheap ways to stage a homeSell or rent current home?Related Links:Low-down-payment loansUsing the mortgage GFEHidden costs of moving4 novice homebuyer errors advertisement
Don't hide flaws such as credit problems, and don't fudge information about income or assets.
"Take your time to carefully fill out the loan application as accurately as possible," Dal Porto says. "Trying to hide credit problems or holding back requested documents can only work against an applicant by delaying the process and possibly even preventing a mortgage approval."
The lender wants to make sure the borrower has the capacity to repay the debt. So applicants should be prepared to disclose all assets and income, Tessier says.
"If you earn overtime pay or a bonus, be ready to provide documentation for extra income," Tessier says. "Make sure you document all your assets, including a 401(k), an IRA, CDs and savings, even if you won't be using those funds for the home purchase."
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