How to Protect Personal Information When Applying for a Mortgage

Shopping for a mortgage, especially if it’s your first time, can be exciting. It’s finally time to take the steps needed to purchase a home, so you may start looking into as many lenders as possible to get the ideal loan. When you’re looking it’s vital you pay attention to who you’re giving personal information to and what personal information they require. A failure to protect your information could mean you won’t be able to buy the home right now, and you’ll have to repair your credit before buying a home is possible.

Importance of Protecting Personal Information

Personal information is needed to apply for a loan, as lenders will need to make sure they are lending money to someone who has the ability to pay it back. Lenders will often ask for information that is needed to check your credit history or confirm your income. Without this information, they won’t be able to determine how much they can lend or how much money you can use to purchase a home.

This information can make it incredibly easy for someone to steal your identity. By protecting your personal information online and in person, even when applying for a mortgage, it’s possible to reduce the chance to become the victim of identity theft.

What Unscrupulous People Do With Your Information

Identity theft can lead to a host of issues, many of which are difficult to fix. If your identity is stolen, the thief can use your identity to open credit card lines and spend the money, leaving you with a low credit score and a lot of debt that isn’t actually yours. While there are some ways to deal with this, none of them are fast or easy.

If you’re in the middle of looking for a mortgage when your identity is stolen, it’s possible you will have to pause the hunt for a home until everything is fixed and your credit has recovered. Depending on a number of factors, this could take years, during which time you won’t be able to get a good deal on a mortgage, if you can get one.

How to Protect Information Online

Only fill out forms to contact mortgage companies that you are familiar with. Never click a link through an email from a mortgage company you don’t know. Instead, type in the website address for the company. If the email was sent by someone else, the link might not lead to the company’s actual website. Only respond to emails for information if you know who is sending it, and you expect them to contact you for more information. When you do fill out forms online, limit the information you provide. Here at Fellowship Home Loans, we provide our customers with an encrypted portal to manage communication and sending important documents.

How to Protect Information In Person

In-person may be safer as you can see who you’re talking to, but it’s still ideal to be careful with the information you provide. Only speak with reputable mortgage companies that you are familiar with and check reviews before speaking with any lender. If the lender is new, they may be fine to work with, but it’s better to pick a lender who has been around for years and has repeat customers. This way, you’re sure the information you provide will be safe.

Work With the Right Mortgage Lender

It’s important to work with the right mortgage lender to make sure that your personal information is as safe as possible. Fellowship Home Loans is a company that has been around for years, and understands how important it is to protect your sensitive data. We offer a safe and secure website, so you don’t need to worry about your identity being stolen. When you fill out forms for more information, only our employees will see the information and contact you. The information provided is only used to help you purchase a home, never for anything else. We never sell or share your data.

Getting preapproved for home loan is an exciting time, as the next step is picking out your dream home. Before you start looking at homes to buy, however, make sure you take the right steps to protect your identity during the hunt for a mortgage. If you don’t and your identity is stolen, you may not be able to purchase the home you want, if you’re able to purchase a home before all of the identity theft is cleared up. If you’re ready to look for a loan and want to make sure you’re working with a reputable lender, get in contact with Fellowship Home Loans today. We’ll make sure your personal information is protected.

Get a personalized loan consult with one of our experts today.