Avoidable mistakes that hurt your chances for approval
Posted on Wednesday, March 1, 2017 at 9:55:07 AM
Applying for a mortgage can sometimes like a job interview: Preparation is key to make sure your lender sees clearly all the reasons why you would be a good borrower. To make sure you seem like an attractive candidate, avoid these mistakes that can hurt your chances for approval:
- Not getting your credit in order. Before you even apply for home financing, make sure you pull your credit report and score. Review carefully to ensure accuracy and dispute any fraudulent transactions or applications. If your credit score isn't what you'd like it to be, work to pay down debts and reduce credit usage.
- Leaving out blank pages in loan paperwork. Often, when leafing through loan paperwork, you may encounter a page that has been left intentionally blank. Leave these pages in when emailing, faxing or mailing the documents to a lender, bank or credit union. They may have internal purposes for these blank pages.
- Embellishing or lying. It may seem relatively harmless to inflate your credit score or how much you make a week on your loan application, but the results can be devastating. Either you will get caught and your application rejected or you may end up with a loan you can't actually afford.
Ultimately, you should always consult with your local lender when getting ready to apply for home financing. They will be able to outline the steps you need to take to put your affairs in order and be the most attractive for approvals.