Top reasons your Mortgage Loan Application was declined

DeniedYLV-650

  1. Poor Credit History

Your credit history is a great way for a lender to tell whether you’re a risky investment or not.

  1. Insufficient Income

A lender can tell if you’re able to afford a mortgage payment by looking at your income to debt ratio.

  1. Down Payment is Too Small

A lender looks at the down payment as an investment in their future home, so a low down payment does little to put their mind at ease.

  1. Problems With the Property

A denial doesn’t always have to do with the homebuyer. Sometimes a property’s value isn’t enough to back the amount of the mortgage loan being applied for, and therefore is denied.

  1. Inadequate Employment History

A consistent employment history can be a very valuable thing when applying for a home mortgage loan. Source: bluewatermtg.com

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Posted on April 11, 2017, in CUSTOMERS and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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