smart spending

6 money habits that are illegal

Lying on a home loan application
Lying on a home loan application

Lying on a home loan application

Homebuyers and homeowners who want to refinance may be tempted to inflate their income or hide some of their debts to better their chances of receiving a "yes" from the lender. But lying on a loan application is fraud, and lenders do check up on applicants' information, Kaplan said.

"You should always be honest," she said. "We all go through difficult financial periods, and it's tempting to want to fudge. But if you get caught, it's going to lead to huge headaches, and you will sleep better at night knowing that you aren't living with a lie."

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