Loan fraud has become a very large problem over the past few years, as people attempt to buy a house without having the means to do so. This leaves lenders in a bad situation because many of these people cannot afford to pay them back. Because of this, these lenders are checking all loan documents more thoroughly, so be sure to follow these tips to avoid punishment for your documents.
Make sure that you have read and are able to understand everything before signing a single document
Never sign a blank document or a document that appear to be missing sections
Never buy property for another person
Be sure to state the correct income on all forms
Avoid lying about how long you have held your current job
Give an accurate representation of your assets
Report every one of your debts and do not understand amounts
Never make changes to your income tax returns
Always tell the whole truth about past credit problems that you may have had
Be honest about whether you intend to live in the house or rent it out
Never provide any false documents to anyone because they cause more problems than they could ever solve
WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN
Once you apply for your loan, you will have to wait for the lender to go over all of your information. This can take anywhere between 1 and 6 weeks, depending on how much there is to go over and how busy the lender is, so be patient if you do not hear back right away. In addition, the lender may ask for additional information once the original documents have been submitted. Do not believe that this harms your chances, as it is perfect normal. Try to get this additional documentation in as soon as possible because it will speed up the process for you. Once all of the information has been checked over and verified, the lender will call you with his or her decision. If you are approved, you will have to visit with the lender to figure out a closing date and once this is decided, you are free to purchase your new home and begin the moving process.
Equal Housing Opportunity