How To Apply For A Home Loan And The Mortgage Application Process
(page 7 of 8) 
Additional Information
Before the mortgage loan application can be submitted you will be required to
sign a statement that all of the information about yourself, your spouse
and/or any cosigner's information is true, accurate and timely. The following
items will be included in and covered by this affidavit:
- Your permission for the mortgage lender to contact and verify any and all information
being submitted.
- All information contained within the application itself.
- All credit report information.
- All banking and account information.
- Your permission for any subsequent loans or lenders to the original
lender.
- Your promise to update the mortgage lender in a timely fashion on all information
and reports that have been submitted.
The federal government will also become involved in the mortgage loan application.
The government tracks all information in regard to race and gender to
make certain that mortgage lenders are not using discriminatory lending practices
and abiding by the laws that protect individuals from discrimination.
You do not have to submit this information if you choose not to, and by
not doing so, there is no effect on the outcome of your mortgage loan application.
Just be aware that the mortgage lender is bound by law to ask you to contribute
this information.
Despite the fact that you will be submitting a considerable amount of
information and data to the mortgage lender during the original loan application
process, does not necessarily mean that you will not be asked to provide
some additional information at a later date. Do not be alarmed if such
a request is made of you, it does not mean that your mortgage loan request is about
to be denied. They simply need some additional info that was not originally
accounted for. If such a request is made of you, your spouse or any cosigners,
try to provide the information as expeditiously as you can so as not to
frustrate the application process further.
Applications for mortgage loans are usually not free. You will be asked to pay
as much as five hundred dollars at the time the application is finalized
and submitted.
You may be able to get prequalified upon submission of your application
but the final approval must always come from the underwriters of the mortgage loan.
|
