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FYI
How
to Really Screw Up Your Loan
You would be surprised at how hard some people work at screwing up their loan application. In many cases it would take a Herculean feat to accomplish, but some find innovative and creative ways to totally mess things up and get their loan application cancelled in the process. Here are just a few:
Fail to provide accurate and complete information
Those forms may look long and complicated but if you don't take the time to fill them out in complete and accurate detail, you put your loan approval in jeopardy. If you make $57,788 a year in annual gross income, don't round it up to $60,000. If your car payment is $361, don't round it down to the nearest 50.
Hide all that embarrassing stuff
Have judgments, liens, or collections on your credit history? Been through a bankruptcy recently? Sure, it's embarrassing. Taking a loan application is much like undressing financially before your mortgage doctor. But shun the inclination to hide the ugly parts. If we don't know its broke, we might not be able fix it in time. However, if we know about it early on, we have a higher chance of using our years of experience to help you overcome those unsightly financial boo-boos. So, bolster your courage, and fess up so we can help you - that's our job. Giving us an accurate financial picture of your credit history is your job.
Procrastinate sending us requested documentation
Look, we don't like doing extra paperwork any more than you do. However, we do know what it takes to get your loan approved. So if we ask for a certain document - be sure to send it to us as soon as possible. Otherwise you might be kissing your loan goodbye.
Quit your job before settlement and don't tell us
This is a sure fire way to say "hasta-la-vista-baby" to your loan approval. Most lenders will conduct a final security audit of your file to ascertain that what you were doing when you made loan application is the same now that you are going to settlement. They don't like it when people quit their jobs and lose a valuable source of income - which, for some strange reason, they think is important in order for you to pay back your loan in a timely fashion.
Rack up tons of consumer credit
Well, you know, you gotta have all that great new furniture to go with that great new home you're going to buy. You can't move in with the junky unmatched and outdated stuff you've had since whenever. So why not finance it with that gold or platinum card you fortuitously received in the mail just yesterday.
Better yet, you don't want to be embarrassed by that old clunker graciously called a "car" sitting in the driveway of that exclusive new neighborhood. How 'bout a new 4X4, Beemer, Lexus or whatever is your going status symbol...? Problem is, you might throw your debt-ratio totally off the scale. So, before you buy a new car or furniture or whatever big ticket item, call your loan officer first to make sure you will still qualify for the loan and actually be able to have the house and driveway in which to put it.
Don't pay your student loans
You pay all your other debts on time - but for some reason this one just doesn't seem important to you. Well, if getting a home is important ? pay your student loans on time!
Be late on paying your credit card bills
You're a busy person. Who has time to make that minimal payment of $15-20? And who cares anyway? Chalk up enough of these and say bye-bye to your loan approval.
More To Come...
Be assured that as people continue to screw up their loans we will dutifully report the messes to you so you won't have to go through their agony.
What Next?
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