Think before you post: That next tweet could cost you a mortgage
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If you are looking to get a mortgage, you should probably be aware of what news you’re sharing online. According to Mashable, banks are looking at more than just your income and savings when determining whether you are a desirable candidate for a loan. What you tweet or post online can reveal a lot more than you intend.
Banks might look for any indication of a change in your financial circumstance such as getting a new job or alternatively, losing one. They can hone in on keywords or phrases such as fired or unemployed to get a broad understanding of your current financial status.
Big changes in your life are also a great clue for banks to tailor their product marketing to your needs. For instance, if you are getting married in the upcoming year, banks may start sending you brochures for mortgage rates for that dream newlywed home.
That old adage about how you are who you surround yourself with may also come in handy for banks thinking about lending you money. Although it’s not always the case, for many people, friends’ spending habits are closely correlated with their own.
You should probably think twice about tweeting about the huge shopping spree you went on or how you can’t find a job, especially if you’re in need of a bank loan. If there’s anything to be gleaned from our new social media age, it’s that nothing is private.
As a general rule, you should always be aware of what your privacy setting are and ensure that you check periodically to confirm that those settings remain unchanged. Although social media is a novel and fun way to stay connected, there are risks to sharing your life on the Internet.
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