Don’t get rejected for a mortgage loan because of a typo
Regrettably, this happens all too often, and can be prevented by simply double and triple checking the information on your mortgage application. Paying attention to minor details can mean the difference between having your mortgage application accepted or denied. Below are a few common mistakes that can cause delays or rejections of mortgage applications.
Errors on the AKA name statement
In order to make sure that your name is consistent across all of your submitted documents, an AKA name statement is likely required. This will usually be issued when your mortgage documentation is completed in its entirety, and will ask you to list different ways your name has been written on official documents. Variations that you should include on the AKA name statement are ones with middle names, middle initials, former maiden names, and suffixes, such as junior, senior, 1st, or 2nd.
Misspelling your name
Though this may seem like a rare occurrence, it happens far more often than you would think. Unique names, such as those with hyphens or apostrophes, can be commonly misspelled or misinterpreted by the reader. If your name is spelled wrong, or just differently from how it appears on your official financial documents, issues may arise. Your interest rate and mortgage fees can be affected by the accompanying credit score, and having a misspelled name can cause a lender to land on a score that’s not yours. Make sure you check for any name inaccuracies before submitting.
Providing the wrong address
Just as an inaccurate name can cause complications, providing the wrong address may cause confusion or denial. Double checking your zip code, street number, and street spelling can greatly increase your chances of a smooth, swift application process.
Consistency across all documents will offer you the best chance of moving through the mortgage application process without a hitch, and also allow your situation to be void of any red flags from a lender’s point of view. If you have questions about any real estate documents or are looking to buy or sell a home with precision, Accurate Properties can certainly help. We understand the importance of being there for you from beginning to end, and invite you to schedule an appointment to get started today.