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Things You Should Not Disclose While Getting a Mortgage

in Real Estate

If you become an open book, then it’s a great value to show that you’re significant to others. But, it’s not the thing that you can do everywhere like your lender when you’re going to buy a house. Also, it doesn’t mean we’re advocating you lying to your lender while getting a mortgage.

But, obviously, there are some issues that you should not talk about. It’s because they show red flags unnecessarily and it can need you some more extra paperwork. Also, it may raise the questions that you’re really able to get the mortgage.

However, when you’re looking to avoid foreclosure Fort Worth, you’ll have to discuss in details to your agent. Now, let’s know some tips about the things that you should not disclose while getting a mortgage.

Issue of Insurance Regarding of Potential Flooding

Avoid saying ‘I have to get an additional insurance quote because of potential flooding’. The reason is that while asking something about insurance, it may indicate the house is no zone of high-risk. So, you need to go through to underwrite the lender and the house with another deep default lens.

For example, if the location of your house is in a flood hazard zone, you’ll have to get flood insurance. So, you should not necessary to mention it could be a good idea in this case.

Issue of Working in House Before Move In

Avoid saying “I don’t know how many working hours or days will need before we can move in”. If you ever have seen the “home inspection report”, you’ll find there are more than 20 pages with every detail. Although this is important for you, you should avoid mentioning all in details to your borrower.

It’s because when you show the report, the lender will begin asking for so many questions and conditions. They like to be confirmed that the issues will not make any large issues to halt their payments.

The issue with Your Credit Report

Avoid saying “Please don’t discuss my credit scores to my spouse”. If you say them something like this, it’ll make them doubtful. They’ll be thinking you might have a large number of debts to other lenders.

Also, they also may think you’re trying to hide something regarding this issue. So, this is the issue that you should disclose on an application to conceal other information. But, both of you should be evident about each other’s debts before pre-approval.

The issue with Your Current Down Payment

Avoid saying “I’m still running with the current down payment” and now I am willing to sell my house fast Saginaw TX. As lenders want to see that they have “the game’s skin”, the source of a down payment is very crucial. Having several types of funds or loans to the ratio, these means you have chances to be the default.

In the lending business, fraud is the largest issue and then the second one is the down payment fraud issue. There are a big number of things that linked with down payment fraudulence. The borrowers may refer to it as a gift, but you’ll have to repay it later.

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