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My partner & I are in the process of refinancing our mortgage. I still need to turn in tax return and insurance info but our loan officer has the application complete & I am supposed to sign the pages required & drop off my info & the application ASAP. Since she didn't have all my info there is missing items in the application. We both own one other home apiece and these are not listed. One is being used as rental income. Could this info affect the interest rate they are offering? (yes I'm a bit clueless & suspicious) I feel unsettled putting my signature when info is incomplete. I don't want to be locked in to an acceptance if the numbers might change. Is this normal practice just to get the ball rolling & I'm feeling uncomfortable for no reason?
My partner & I are in the process of refinancing our mortgage. I still need to turn in tax return and insurance info but our loan officer has the application complete & I am supposed to sign the pages required & drop off my info & the application ASAP. Since she didn't have all my info there is missing items in the application. We both own one other home apiece and these are not listed. One is being used as rental income. Could this info affect the interest rate they are offering? (yes I'm a bit clueless & suspicious) I feel unsettled putting my signature when info is incomplete. I don't want to be locked in to an acceptance if the numbers might change. Is this normal practice just to get the ball rolling & I'm feeling uncomfortable for no reason?
Yes.
You should ensure that all data is accurate within the application so that you know you are being offered all possible options.
Two-sided coin: yes, make them provide an accurate application, but you need to provide thorough information and documentation, or you have no right to complain.
Think of the application at the beginning as nothing more than an initial worksheet. The purpose of processing is to collect data resulting in an accurate final application at the time the underwriter signs their name and moves the file to closing. Chances are the OP's loan officer is confident the rental property will have little to no impact. About 50% of my buyers do not need rental income to carry an investment property. But if we waited until everything was turned in, we would be chasing our tails. Most lenders that do their own underwriting (meaning not brokered or 3rd party UW) and closings get the files into their underwriter as early as possible and then process to the approval conditions.
Once all the information is gathered and updated, the application reflecting how the UW approved the loan will be sent to closing for borrower's signature. Think of the application as a constantly moving snapshot, the final one signed as it appeared in one moment in time. (For example, at the time of closing, your bank balances won't be accurate if you had to bring a down payment, but it was accurate at the time the UW signed off).
When you sign an application, you are asserting the declarations (questions) and basic info is correct (employer, your banks, you don't have any child support). You are not stating that every single item is 100% - we would never get anything done if that were the case. The sooner you turn in documents, the sooner your application will be current.
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