Mortgage loan application mistakes, and how to avoid them
I wrote an article about the mistakes I see home buyers and homeowners making that get their loans declined at Mr Mortgage I thought that I should write the article here also as an article.
This blog gives to a summary of the article which you can find here.
Lenders cannot accept these types of mistakes below, and are likely to decline the loan application, if not ask for a revision. The mistakes include the following.
1. There are too many credit enquiry notations on your credit file.
2. Your home loan submission is poorly written.
3. Your proposed home is appraised as less than the purchase price agreed.
4. Your Lender says you have insufficient savings, deposit or income.
5. You have changed jobs, or employment status recently.
6. You have no savings history or irregular savings patterns.
7. You or your partner have a bad credit rating or history.
8. The home of your dreams is undesirable in the eyes of the Mortgage Lender.
By using the methods found in the article you will get your loan approved quicker and with less hassles.
You find the full loan application mistakes and how to avoid them here.
Source: Mr Mortgage
