5 Top Reasons You May Not Qualify For A Mortgage

5 Top Reasons You May Not Qualify For A Mortgage www.drewmortgage.com 1-877-WHY-DREW NMLS ID 2856

5 Reasons You Might Be Rejected For A Mortgage 1 AFFORDABILITY AND LOW-INCOME If your income is not enough to afford a home loan amount, you’ll likely to be rejected. The best way to increase the chances of the application succeeding is to make sure that the amount you apply for is affordable with your current income.

5 Reasons You Might Be Rejected For A Mortgage 2 BAD CREDIT HISTORY A poor or bad credit score is a sign of risk and lenders will be wary of granting a loan to someone who may not be able to repay it! Pay credit cards and any other regular payments on time and for credit cards (store or bank) pay more than the minimum due, schedule utility bills to pay at least 3 days before due

5 Reasons You Might Be Rejected For A Mortgage 3 LOW DOWN PAYMENT The borrower lacks a Down Payment.

Lenders like to minimise risk, they will be looking to loan as little as possible and therefore will be looking for a significant down payment. make the down payment as big a possible!

5 Reasons You Might Be Rejected For A Mortgage 4 ISSUES WITH THE PROPERTY The mortgage lender may reject a loan because of an issue with the property itself. Check with your realtor and or mortgage advisor before completing your loan application if there are any reasons why the application might be rejected for a particular property.

5 Reasons You Might Be Rejected For A Mortgage 5 UNABLE TO PROVIDE ALL THE REQUIRED DOCUMENTS Lack of accompanying documentation.

Make sure you file your tax returns on time and that you keep all your financial papers handy and in good order.

Working with Drew Mortgage will improve your chances of getting your mortgage application approved.

www.drewmortgage.com 1-877-WHY-DREW NMLS ID 2856