The mortgage process can be detailed and at times complex, and for many people, this starts with the application itself. At Primary Residential Mortgage, our brokers are here to help you with all the details you may be unsure of with your mortgage loan application.
We see several common mistakes when people fill out their applications – what are some you should know, and how can you avoid them? Let’s take a look.
The pre-approval process is the best way to prepare as you search for a mortgage that fits your situation. Pre-approval, not to be confused with the less detailed pre-qualification process, is a period where you’ll submit financial information and find out whether you’ll even be likely to qualify for the kinds of financing you’re seeking. Without going through this process, you may have to go back to square one after investing significant time in an application for a mortgage you might have had no chance at being approved for.
In decades past, it may have been possible to fudge the occasional application detail – income, employment, credit score, that sort of thing. But those days are long gone, and any information you list on a mortgage application can now be checked down to the finest detail. Any omission or false documentation can lead to major issues, from an application denial all the way up to mortgage fraud in some cases. Never sign an application unless you’ve reviewed it for completeness and accuracy.
Don’t be hasty with your mortgage application, and make sure all the details and fine print are read carefully and managed. Along the same line, make sure fine print is present to begin with – that is, never consider a deal final unless ink has been put to paper, and never operate with a final assumption about any verbal agreements.
Any big changes to your credit habits in advance of a mortgage application, such as opening a new account or closing an older account, can damage your application legitimacy. These kinds of moves might alter your credit utilization ratio, which in turn can affect your credit.
Want to learn more about mortgage applications, or any of our other mortgage company services? Speak to the pros at Primary Residential Mortgage today.
*The views and opinions expressed are my own and do not necessarily represent the official policy or position of Primary Residential Mortgage, Inc.