What should you not say to a mortgage lender?
When applying for a mortgage loan, you should avoid concealing financial facts or making misleading statements about your income, employment status, and debt obligations. Never hide newly acquired debts, recent credit card applications, or pending large financial obligations from your loan officer, as underwriters will uncover them during final audits. Do not state that you plan to use borrowed money for your down payment without proper disclosure, and avoid claiming temporary cash gifts are non-repayable personal funds. Honesty and transparency regarding your full financial profile are critical for smooth loan approval.
Related FAQs
NBT Bank operates as a well-regarded regional financial institution and the primary subsidiary of NBT Bancorp Inc., delivering comprehensive commercial banking, retail services, and wealth management across the northeastern United States.
Yes, magnetic resonance imaging (MRI) scans are covered by Medicare when they are deemed medically necessary by a treating physician.
Movement Mortgage does not operate as a traditional commercial bank holding retail deposits; rather, it functions as a specialized residential mortgage lender and financial services enterprise.
Movement Mortgage faced significant legal scrutiny and public controversy stemming from federal whistleblower lawsuits and investigations alleging violations of the False Claims Act.
Movement Mortgage offers comprehensive residential home loans with flexible underwriting criteria tailored to diverse buyers. For conventional home loan products, borrowers generally need a minimum credit score of 620.