That’s right! In a time when so many people are openly posting about their lives online – from blogs and websites to Facebook and Instagram – it’s important to keep in mind that too much information at your lender’s fingertips can negatively impact your chances of getting a mortgage.
As part of their research into whether they should lend you money to purchase a home, lenders are Googling you to look for any red flags of higher-risk activities that could indicate you’re not responsible.
And, although a lot of online information is open for interpretation, lenders can quickly jump to conclusions while viewing your posts.
Think before you post
The only way to ensure you’re not being viewed in a negative light by lenders is to consider everything you plan to post online before it’s up. Would you share this information with your mom? How about your grandma? If you funnel your posts in this manner, you’re far less likely to have questionable information readily available to anyone probing into your character.
Put yourself in a lender’s shoes. How would you judge someone you were considering lending money to who appeared to be spending frivolously on expensive toys like boats or cars… or was talking about quitting or being fired from their job? Definitely not good news, no matter how you look at it.
It’s also really important to keep in mind that, even after you’re approved for a mortgage, your lender will often revisit your details before closing, and could pull the deal if they feel uneasy about anything they’ve learned about you online.
Be sure to broach this topic with your kids as well, as they’ll be in the market for a mortgage before you know it.
Do you have questions about qualifying for a mortgage, or your mortgage in general? Answers are a call or email away!