Most people do not double-check the information on their mortgage applications. We live a fast-paced life, which sometimes prevents us from paying close attention to minor details. However, typos can affect the outcome of your mortgage application and even your ability to gain credit. Here are some common errors we often see when reviewing applications.
This happens more often than people would think, especially with tricky names, such as those with hyphens or apostrophes. Spelling your name as anything other than what’s printed exactly on your financial documents may result in the lender landing on the wrong credit score, which could affect the interest rate and fees on your mortgage. You can prevent this by thoroughly checking that your name is consistent across the entire application and concurrent with the rest of your financial documentation.
Making a mistake when providing your address can lead to complications with the application process. If your address is inaccurate, such as an incorrect zip code or street number, you may be asked to provide more information to obtain clarification on your occupancy. Also, if there are inconsistencies with your address on the different forms, you may be considered a higher risk to lenders.
AKA name statement
At the closing of your mortgage application, you’ll be asked for a signed AKA statement. This is a blanket correction meant to create name consistency on your entire loan application and on all other credit checks from the past. If everything matches, you should be in the clear.
In the end, it’s all about making sure that your information correct and consistent on every application. This will avoid issues with your current application and in future credit checks.
It is recommended that you have a Palm Beach real estate agent look over all of your paperwork before submitting it. If you are in the process of applying for a mortgage, or need any other real estate help in the Palm Beach area, Jack Elkins would love to meet.