Residential Mortgage Application: 3 Things to Avoid

When you are filling out a residential mortgage application, there are certain things that you are going to want to avoid doing. Here are some things to avoid when filling out an application.

1. Stated Income

When you are filling out an application, you want to avoid doing a merely stated income application. When you do this, it is going to lower the likelihood of getting approved and increase your interest rate on a loan if you are approved. Instead, provide detailed information about your income and how the lender can verify it. 

2. Leaving Out Information

Many people are tempted to leave out information when they are filling out their residential mortgage application. For example, you might decide to leave out information that will allow the lender to get in touch with your previous landlords. While this might seem like a good idea, it is not going to be in your best interest. Be sure to provide as much detailed information as possible when you are applying.

3. Rushing

You should also take your time when you are filling out a mortgage application. There is a lot of detailed information required, and you do not want to overlook or make mistakes on any part of the application.