Commandment #5
Now, this is Commandment #5 Thou shall not omit debts or liabilities from your loan application.
So it’s very important that when you fill out a mortgage application, you tell the truth. Because here’s the thing somewhere along the line, we are going to find out the truth. We’re going to find out the truth when we run a credit bureau, or if we run another kind of credit bureau, there’s 2 different kinds. There’s TransUnion and Equifax.
Sometimes what doesn’t show up on one shows up on the other, and guess what, if you’ve gone through the process, you’ve been qualified based on the information you provided. Somehow, some of that information didn’t sneak through the cracks to the mortgage broker.
These things always find a way of rearing their ugly heads and guess when they happen, at the 11th hour that you’ve made a commitment. You’ve made a deposit on a house. You’ve made a promise and now because you withheld some information, they’re gonna pull that commitment. It’s very very important that when you fill out a mortgage application, you share everything with your mortgage professional because at the end of the day, it’s going rear its head and it’s painful. Be very vigilant about being truthful.
