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Be Careful What You Say When Applying For A Mortgage
Owning a home of your very own is exciting and is the American dream. You should know however that when you apply for a home mortgage you need to be as honest as possible so that your dreams are not crushed at the last minute. Below are a few tips on what not to say when you are applying for a home mortgage. You may think that a little white lie won’t get you into trouble when applying for a home mortgage but what most people don’t realize is that you will likely get caught in that lie and may end up not getting approved after all. Also the penalties for such lies can be quite severe such as a 30 year prison sentence and a million dollar fine.
If you don’t plan to live in the home in which you are getting a mortgage but rather you plan to rent the property out do NOT apply for a mortgage as your primary residence. Default rates are higher on investment properties than they are on primary residences. Down payments are larger on investment properties as well. These are some of the reasons why folks try to lie about using the mortgage as their primary residence. ... more
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