Truth or Consequences was a television game show that we watched when I was growing up in the late 1960's. Playing games with your mortgage application is never recommended!
Throughout the mortgage process, the information you provide will be verified by outside sources. It can be a verification of employment, verification of housing history either rental or mortgage, verification of assets, confirmation of your Federal 1040 tax returns and last but not least, checking your credit again during the process or prior to closing.
In addition, there will be a set of questions that must be answered regarding your past credit history, other outstanding loans, and your intentions for the property if it is a primary residence, second home or investment home.
DO NOT UNDER ANY CIRCUMSTANCES - LIE ON YOUR APPLICATION!
If you lie on your application you are subject to any one of the following consequences:
- Your loan will be denied
- You may lose your earnest money
- You may be prosecuted for mortgage fraud.
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.