What Should I Not Tell My Mortgage Lender?

What should you not tell a mortgage lender?

Here are some crazy things would-be home buyers have said to lenders, and why they’re cause for concern.’I need to get an extra insurance quote due to …

‘I can’t believe how much work the house needs before we move in’ …

‘Please don’t tell my spouse what’s on my credit report’More items…•.

What do you say to a mortgage lender?

10 Questions to Ask Your Mortgage Broker or LenderWhich Type of Loan Is Best for You? … What Is the Interest Rate and Annual Percentage Rate? … How Much of a Down Payment Is Required? … What Are the Discount Points and Origination Fees? … What Are All the Costs? … Can You Get a Loan Rate Lock? … Is There a Prepayment Penalty? … How Much Time Do You Need to Fund?

What income do mortgage lenders look at?

Regular Income Calculations For salary and wage earners, a lending partner will want to see current pay stubs as well as W-2 tax forms for the past two years. If you’ve recently had a change in pay, such as a raise, you’ll also need to get a statement from your boss confirming that the change is permanent.

Can a mortgage lender really ask that?

Lenders are permitted, and even required, to ask about your marital status. However, they have to be careful about how they ask. Mortgage lenders cannot ask you whether you’re single, divorced or widowed. They can only ask if you’re married, unmarried or separated.

Do mortgage lenders call your employer?

Mortgage lenders usually verify your employment by contacting your employer directly and by reviewing recent income documentation. … Employers are usually happy to help, but there are steps borrowers can take if they refuse to verify employment.

Is Quicken Loans good for mortgage?

Quicken Loans Mortgages Are Best for: People who want to complete the entire mortgage process online. People who value good customer service reviews. People who want to refinance through HARP.

Is it better to get a mortgage from a bank or lender?

There are some specific advantages to using a mortgage company for your loan. First, they probably have access to a wider range of loan products than does a full service bank. … Because these companies only service mortgage loans, they can streamline their process much better than a bank.

What is a good mortgage rate?

As your score goes lower, your interest rate goes up. With some exceptions noted below, the lowest score needed to qualify for a mortgage is 620. At today’s mortgage rates, however, a score of 620 will qualify for a rate of 5.022%, while those with a score of 760 or higher will enjoy a lower rate of about 3.433%.

What are the worst mortgage lenders?

According to the CFPB, these five institutions received 60% of all mortgage-related complaints:Bank of America.Wells Fargo.J.P. Morgan Chase.Citibank.Ocwen.

What percentage of mortgage applications are approved?

But will their mortgage application be accepted? According to research by one credit card company, one in five of us have had a credit application rejected and of those 10% have been turned down for a mortgage.

What happens when mortgage is approved?

Exchange contracts Exchanging contracts after your mortgage has been approved is the first official step towards becoming a homeowner. … The contract will highlight some of the most important points of the transaction, making sure that the price is clear to both you and the seller.

How long does it take for mortgage to be approved?

two to six weeksGenerally speaking, it usually takes two to six weeks to get a mortgage approved. The application process can be accelerated by going through a mortgage broker who can find you the best deals that suit your circumstances. A mortgage offer is usually valid for 6 months.

What happens if you lie on a mortgage application?

Lenders check the information in application forms and need evidence for some of it. They will decline your application if they find out you lied, and you could even be prosecuted for fraud.

Do mortgage lenders pull credit day of closing?

The answer is yes. Lenders pull borrowers’ credit at the beginning of the approval process, and then again just prior to closing.

How long does it take to hear back from a mortgage lender?

Unless you have a few hundred thousand dollars in cash handy, getting approved for a mortgage is a critical part of purchasing your new home. The mortgage approval process can take anywhere from 30 days to several months, depending on the status of the market and your personal circumstances.