Buyers

Buyer Responsibilities During the Lending Process

When applying for a mortgage, everyone wants the process to be as seamless as possible. As a borrower, your biggest responsibilities are to be honest and to provide all the information your lender requires in a timely fashion.

  • Never overstate your income or how long you have been employed.
  • Never overstate your assets and accurately report all of your debts.
  • Don’t make any changes to the income tax returns you provide to your lender.
  • If you’re using gift money for all or part of your down payment, get the donor to write a letter to your mortgage company to make it clear the money was a gift and not a loan.
  • Don’t list any fake co-borrowers on your loan application.
  • Be truthful about any and all credit problems… past and present.
  • Be honest about your intention to occupy the home.
  • Never provide any false supporting documents.

It is not unusual for a lender to ask for more information once a loan application has been submitted. The sooner you provide the additional information, the faster your application will be processed.

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