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You wouldn’t think it, but the slightest mortgage document errors could spell disaster to your closing process. That’s why it’s ultra-important to ensure that everything that is printed on your mortgage documentation is completely accurate, right down to the crossing of every T and the hyphenation of your name (if that applies to you).
You’re now the proud owner of a mortgage – congratulations! But do you know what your mortgage payments include, and everything that goes into making up that monthly payment you’ll be making for the life of your loan (or until you decide to sell)?
So many people want to know so many things about you during the home buying process – and it may seem at times like it’s never going to end. And like they couldn’t possibly need to know so many things. And hey, isn’t that last question intrusive!? It can be hard to understand what your mortgage lender needs to know.
So you’ve decided to buy a home. Congratulations – you’ve completed the first step to buying! But… now what?
Going through the mortgage process involves a lot of questions that can sometimes seem invasive… and yet, some of us share the intimate details of our lives across social media through our online presence with strangers all across the Internet. Guess where a lender might learn more about you?
No doubt about it, applying for a mortgage can be a long and involved process that can leave you feeling drained and financially exposed. But it’s in your best interest to be transparent with your finances during this part of the home buying journey, particularly if you have issues that might hinder your loan approval. There are a number of credit issues that may affect your application for a mortgage loan; however, most of the challenges can be overcome.
