Estimate inquiry of mortgage loan, some of the answers said without thinking and not true?

Deal Score0

I had a phone conversation with a mortage specialist and she ask me if my spouse has other income. I accidently said yes he does, it’s side job and he get paid in cash. Which is not true. I thought my husband was working side jobs but he was just working overtime on Saturday’s morning or sometimes he would go car racing because he’s obsess and I would think he’s working. He wasn’t there for me to ask him on the day the mortgage specialist was questioning me. I’m afraid that she recorded my conversation and might report my husband for false accusation because of my misunderstanding. I’m scared now. I’m just scared. We are first time homebuyers just wanting to apply for a loan. Could this lead to turmoil or trouble?

I got preapproved before (but didn’t buy a house) and when I went to the same bank, they said they had new regulations (didn’t meet with a mortgage specialist yet.)

What kind of regulations are banks using now to qualify people for mortgages?

  1. Reply
    April 29, 2011 at 9:26 pm

    No, it won’t lead to trouble. You worry for nothing. The mortgage specialists just asks the question so that they can account for all the income you want considered when they compute how much mortgage you can afford to pay. When you fill out the loan application (or check it based on what he filled out on your behalf), just make sure that it’s a true representation of what your income is. They’ll ask for pay-statements and tax returns to prove the income is correct. If you got it wrong, this support information will auto correct your mistake.

    Nobody is perfect !!!!

  2. Reply
    Ryan M
    April 29, 2011 at 9:29 pm

    Every bank has their own rules and regulations.

  3. Reply
    April 29, 2011 at 9:44 pm

    Much stricter on the credit scores
    Need a down payment

    They are just looking for those who are actually qualified and can verify their income etc now. No more lo doc, no doc, statement only loans. No more 100% down (in 99.9% of the cases)

    They have just tightened their belts is all. If your circumstances haven’t dramatically changed, you should be ok.

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