WHAT RESPONSIBILITIES DOES A BORROWER HAVE DURING THE LENDING PROCESS?

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Mortgage and Lending

WHAT RESPONSIBILITIES DOES A BORROWER HAVE DURING THE LENDING PROCESS?

To ensure you won't fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan:

 

Be sure to read and understand everything before you sign.

 

Refuse to sign any blank documents.

 

Do not buy property for someone else.

 

Do not overstate your income.

 

Do not overstate how long you have been employed.

 

Do not overstate your assets.

 

Accurately report your debts.

 

Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application.

 

Be truthful about your credit problems, past and present.

 

Be honest about your intention to occupy the house

 

Do not provide false supporting documents.

Information from www.hud.gov

Contact Michelle Shull at Lake Area Mortgage for more information.  612-868-8575 or mshull@lakeareamtg.com.

www.linkedin.com/in/michelleshull

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