Top 5 Reasons Your Mortgage Application May Not Get Approved
Drew Mortgage Associates
Introduction Applying for a mortgage loan can be a complicated task. Your mortgage application must have up-to-date information. It's important to understand the basics and be aware of the factors that may impact an approval of the online mortgage application.
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The top reasons to avoid a mortgage application rejection. 1. Bad Credit History ● Bad credit history is one of the main reasons why a mortgage application may get rejected. ● Advised to improve your credit score ● Pay your credit card bill payment 3 days before the due date. Do not miss the payment.
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2. Affordability and Income â—? You should apply for a loan that you can afford to pay back. â—? Mortgage lenders will check your ability to repay the loan by comparing your current income to the amount requested for the loan.
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3. Low Down Payment â—? Make a sizable down payment. â—? A sizable down payment indicates the ability to save and manage personal finances.
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4. Property Issues â—? Mortgage lenders may reject the loan due to property issues. â—? Check with a mortgage advisor to understand the reasons for application rejection before completing your mortgage loan application form.
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5. Insufficient Documents â—? Lack of documentation is one of the most common reasons why mortgage loan applications are rejected. â—? File your tax returns on time and keep all your financial papers handy and in good order.
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Are you looking for mortgage lenders in MA? Drew Mortgage Associates, Inc. is a mortgage lender in MA that can provide mortgage loans or refinance your loan to a low-interest rate. We'll guide you throughout the mortgage loan process, assist you while filling the mortgage loan application form, and will provide you with updates. What are you waiting for? Contact Drew Mortgage Associates, Inc. today!
Contact us: 1-877-949-3739
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
Contact us: 1-877-949-3739
www.drewmortgage.com