The Indiana Association of Realtors (IAR) just released its February Housing Market Report
- Statewide home sales jumped 17% from January to total 4,895
- New Listings gained 2% from the previous month
- Sales price grew to 7% though homebuyers were able to take advantage of a more BALANCED MARKET to close sales at 95% of original listing price
- Pending sales have been stable from January to February. Rising mortgage rates continue to threaten buyers back to the sidelines
- As I have been saying for months, Indiana continues to outperform national sales trends. The population growth and economic development activity have been encouraging in driving demand for housing here
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Have you heard the saying, “honesty is the best policy?” That’s generally true in life—but it’s especially true when it comes to real estate.
If you’re buying a home, lying to your lender—even a “harmless” white lie—could jeopardize the whole deal. And while you should refrain from telling any lies, there are certain ones that are almost certain to cause issues with your real estate purchase.
So what, exactly, are those lies? A recent article from realtor.com outlined the white lies that could destroy your chances of successfully buying a home, including:
- Saying you’re going to live in the home, when you’re actually planning to rent it out. If you’re planning to buy a house as a rental property (whether for a short-term or long-term rental), you need to disclose it. If you don’t, it could be considered mortgage fraud—which can result in a felony charge.
- Not being honest about where your down payment money is coming from. It’s certainly not uncommon for buyers to get financial help when they’re buying a home. But if someone (for example, a parent) has gifted and/or loaned you money to cover your down payment, you need to let your lender know. Generally, it won’t be a problem—but if you lie about where the money came from, that could end up being a problem.
- Leaving out debts. When you apply for a mortgage, you need to disclose every single debt, no matter how big or small. Your lender will discover the debt during the underwriting process—and if they find out you knowingly lied, it could cost you your mortgage.
Have questions on Financing…Check out our Financing Section. And if you want to talk to a real person, give me a call at (317) 625-0655!