When it comes to buying a home, it is vital that your mortgage application is filled out properly. Your mortgage application is what lenders use to determine whether or not you are an acceptable risk when it comes to a home loan. Since it’s such a large amount of money, mortgage lenders are understandably reluctant to loan to someone who carries a high risk of default.
However, even though you want to make a good impression on your mortgage application, you must be honest. Lenders will follow up on the information you provide, and any misrepresented information on your mortgage application can result in rejection of your loan. It can even lead to charges of mortgage fraud.
Here are some other things to consider as you fill out your mortgage application:
Provide all requested information
Leaving something out can result in a denial. If you are approved, it might mean a higher mortgage rate.
Have documentation to back up your information
Make sure that the documents required to support the information on your mortgage application are available. Gather them as soon as possible.
Make sure that you use your best handwriting to fill out your mortgage application. Your writing should be clear and readable. Print neatly so that your answers are easy to understand.
If there is something you don’t understand on your mortgage application, ask for an explanation. Either ask the mortgage lender or ask a trusted friend or adviser. If you ignore it, it could come back to haunt you.
Fill out your mortgage application in a timely manner
Make sure that you are prompt with your mortgage application. If you’ve done the research and have everything ready to go, you reduce the risk of delays with your loan approval.
Strive for accuracy
If you don’t know something off-hand, look for the answer rather than simply guessing. You want to be as accurate as possible on your mortgage application.
Additionally, while it may not be part of your written application, you should consider how you present yourself to the person handling your mortgage application. Make an effort to dress neatly, pay attention to grooming and personal hygiene, and consider the language you use. You want to make a good impression so that the mortgage lender feels confident in helping you through the application process ― and helping you get the loan.
With a little extra care and preparation, you can make a positive impression on your mortgage application and increase your chances of being approved.