Suggestions for Borrowers

1. When you apply for a mortgage loan, every piece of information that you submit must be accurate and complete. Lying on a mortgage application is fraud and may result in criminal penalties. Don't let anyone persuade you to make a false statement on your loan application, such as overstating your income or the value of the home, the source of your down payment, failing to disclose the nature and amount of your debts, or even how long you've been employed.
2. It's wise to ask to review your documents. Request your loan documents one day before closing and have them reviewed by someone you trust or who is skilled in real estate law.
3. Never sign a blank document or a document containing blanks. If someone else inserts information after you've signed, you may still be bound to the terms of the contract. Write "N/A" (not applicable) or cross through any blanks.
4. Read everything carefully and ask questions. Don't sign anything that you don't understand. Never let anyone pressure you into signing before you've read everything completely.
5. Don't let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk a potential negative impact on your credit score, and losing your house and all of the money you've put into the property.

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