When it comes to applying for a mortgage, remember that there's no such thing as a white lie. Saying fibs that you think are harmless, as well as exaggerating, playing down, or failing to disclose certain information, can completely jeopardize your chances of getting approved for a loan.
Unfortunately, about one in 130 applications contain some sort of fraud, according to a 2024 study from Core Logic. Industry experts and risk managers are really on the lookout for an increase in these fraud risks that some borrowers might think it's OK to lie about on their mortgage application and why it's really not worth you risking the chance to finally buy a home by telling that white lie.
For many first time home buyers, especially if you're on the younger side, saving for a down payment is one of the biggest challenge that you're going to face.
