How Important Is A Fully Completed Mortgage Application?

If you’re in the market to buy a home and you are not paying cash, you must complete a mortgage application to obtain a home loan.

One of our buyers recently omitted one of their properties from their mortgage application. 

Since the home wasn’t listed on his credit report, he believed it wasn’t necessary. 

This property, although not listed on the credit report, has a private mortgage, annual property taxes, homeowners insurance, and HOA dues, all of which must be accounted for to assess his debt to income ratios accurately. 

Luckily for this borrower, his earnings were substantial enough to maintain his conditional approval, and closing was not an issue. 

I will say, getting us the information took a few days, and this could have caused a delay in closing on time.

Please know you must enter all real estate you currently own on the mortgage application, even if it’s privately financed. 

Bottom line, always fully and accurately complete the mortgage application, and if there are any changes from the time you are pre-approved until your closing day. Please get in touch with your mortgage advisor and give them the details so your mortgage application can be updated.

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. 

Today’s market requires you to have a skilled negotiator and consultant, like me, helping you and the people you care about right now.

Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity.