Comments on: Why Do They Ask Those Rude Questions on My Mortgage Application? http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/ Expert Advice & News on Bad Credit Mortgage, Mortgage Refinancing & Home Loans Sat, 21 Nov 2009 03:13:13 +0000 http://wordpress.org/?v=2.3.2 By: Gina Pogol http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3709 Gina Pogol Thu, 11 Jun 2009 17:17:15 +0000 http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3709 Thanks for writing. Under today's automated systems, many of the questions are outdated. The computer couldn't care less about how much furniture you have or what kind of car you drive. And most loan agents skip that section unless the applicant wants to brag about his / her new Ferrari or jewelry (it happens more than you'd think!) and get it in there as an asset. The question about the purpose of the loan has merit. Primary residential purchases are less risky than second homes or investment properties and have different underwriting standards. If you are buying a rental the lenders want to know it's a good invetment for you so it doesn't become a bad investment for them. Even if you are taking out a home equity loan, the purpose may come into play--especially if your application is on the edge of being declined. Home improvement is a "better" purpose than taking a vacation in that case. Thanks for writing.

Under today’s automated systems, many of the questions are outdated. The computer couldn’t care less about how much furniture you have or what kind of car you drive. And most loan agents skip that section unless the applicant wants to brag about his / her new Ferrari or jewelry (it happens more than you’d think!) and get it in there as an asset.

The question about the purpose of the loan has merit. Primary residential purchases are less risky than second homes or investment properties and have different underwriting standards. If you are buying a rental the lenders want to know it’s a good invetment for you so it doesn’t become a bad investment for them.

Even if you are taking out a home equity loan, the purpose may come into play–especially if your application is on the edge of being declined. Home improvement is a “better” purpose than taking a vacation in that case.

]]> By: Mortgage http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3704 Mortgage Thu, 11 Jun 2009 09:09:12 +0000 http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3704 I also think some of the questions are not necessary but they will tell you that it’s the system that they are using. I guess they want to know everything about you.they also want to know why are you applying for mortgage loan I also think some of the questions are not necessary but they will tell you that it’s the system that they are using. I guess they want to know everything about you.they also want to know why are you applying for mortgage loan

]]> By: Gina Pogol http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3666 Gina Pogol Mon, 08 Jun 2009 18:59:05 +0000 http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3666 Thanks for your kind words. Always appreciated :) Thanks for your kind words. Always appreciated :)

]]> By: Thomas K http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3629 Thomas K Thu, 04 Jun 2009 21:42:17 +0000 http://www.mortgagecreditproblems.com/blog/why-do-they-ask-those-rude-questions-on-my-mortgage-application/#comment-3629 Great article - and fun to read!! Great article - and fun to read!!

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