Quick Answer: What Do I Need To Know Before I Talk To A Lender?

Can I lie about my income on a loan application?

No, crossing your fingers doesn’t make it OK to lie on a loan application.

A lender might not check your inflated income claim on a personal loan application, but that doesn’t mean it’s OK to say you earn more than you do.

That is considered fraud, and it can have real consequences..

Is it better to get mortgage from bank or broker?

Brokers are often smaller than banks. A loan with a higher rate may have “rebate” pricing, money which can be used to pay the broker’s commission and perhaps other closing costs on the borrower’s behalf. … Brokers work with a variety of wholesale lenders, which gives them access to many products at many price points.

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 info does a lender need?

Your lender may want more documents if you’re self-employed or your income comes from several sources. Also be prepared to share information such as your Social Security number, which is used to check your credit reports and scores; your employer’s name and address; and your hire date.

Does your mortgage lender matter?

The short answer is yes. Just as you want a real estate agent who understands your needs, you want a mortgage broker who is on their game and can facilitate a smooth transaction. “Selecting the right mortgage broker or banker is imperative when you are looking to purchase a property.

Do mortgage lenders lie?

All mortgage brokers and loan officers attempt to convey the message, directly or indirectly, that they are trustworthy. Often it is true, but since most mortgage shoppers have no way of knowing whether it is or not, prudence dictates that they assume it to be a lie.

Do mortgage lenders look at 401k?

No matter the reason you are using your 401K for assets for mortgage qualification, your lender will only count the fully vested funds. … You can check with your HR department to see how long it takes for your funds to be fully vested. Sometimes it’s one year and yet other companies require at least 5 years.

Who are the worst mortgage lenders?

Loan servicing, payments, escrow accounts (2,044)…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.