Buying a home in Centennial, CO: 7 Things Never to Say to Your Mortgage Lender

Are you considering buying a home in Centennial, CO? With the excitement of home ownership comes a series of important conversations with your mortgage lender.

However, some phrases can raise red flags and complicate your loan process. Here are seven things you should never say to your mortgage lender if you want to keep the process smooth and stress-free.

1. “I’m Not Sure I Can Afford This”

While honesty is essential, expressing doubt about your financial stability can create concern for your mortgage lender. Instead of saying this, focus on discussing your budget and financial plans. Be proactive in showing that you have a solid grasp of your finances.

2. “I’ve Had Some Late Payments”

Discussing past financial mistakes can raise concerns about your creditworthiness. Instead, be prepared to discuss how you’ve improved your financial habits. Highlight any recent positive changes in your financial behavior, like timely payments or a growing savings account.

3. “I Don’t Have All the Required Documents”

This statement may make your lender question your preparedness and commitment to buying a home. Always strive to gather the necessary documents before your first meeting. If something is missing, acknowledge it but assure your lender you’ll provide it as soon as possible.

4. “I’m Shopping Around for the Best Rate”

While it’s reasonable to look for competitive rates, implying that you’re not serious about working with the mortgage lender can create doubt. Instead, express interest in their offerings while letting them know you’re researching your options. This will encourage your lender to provide you with their best terms.

5. “Can You Give Me a Loan Without Checking My Credit?”

Requesting a loan without a credit check can signal to your lender that you may have something to hide. Understand that lenders need to assess your credit to determine eligibility for buying a home. Instead, focus on providing them with any additional information that could support your application.

6. “I’ve Been Pre-Approved Elsewhere”

While it’s fine to have pre-approval, casually mentioning it may make your current lender feel undervalued. If you have received a pre-approval, be transparent but focus on the strengths of your current application. This can help your lender provide you with better terms.

7. “I’m in No Rush to Close”

Expressing a lack of urgency can signal to your lender that you’re not committed to the process. Instead, communicate your desired timeline and any important milestones. This will help your lender prioritize your application and work toward a timely closing.

Ready to Take the Next Step?

Being mindful of what you say to your mortgage lender can significantly impact your home-buying experience. At Clear Path Home Loans, we’re dedicated to making your path to home ownership as smooth as possible. If you’re ready to buy a home in Centennial, CO, contact us today to discuss your options and get started on your mortgage journey!