Hey {first_name},

If you’ve had issues getting a mortgage approval this year, you are not alone.

Sometimes even those with excellent credit ratings and significant deposits are

turned away.

There are a multitude of reasons why your application may have been denied by

the bank. Likely, no one reason alone was a contributing factor.

Luckily, there’s still more you can do try and obtain your dream home.

Read further to learn why your application may have been rejected, and helpful tips

you can do to resolve.

Why your application for a mortgage may have been rejected

Your income

Lenders want to ensure you can afford the monthly mortgage payments well

into the future. If you cannot prove significant income over a 2-year period

that meets their requirements, you may be denied. Steady and secure

income can provide proof that you make enough money to cover the

mortgage now and forthcoming.

Your down payment

The amount of down payment you’ve saved will be a big part of your

mortgage approval success. The more down payment you have, the better

your chances of being qualified.

Your credit score

Your credit history will also be an important part of the mortgage approval.

A low credit rating, late mortgage payments, bankruptcies, high debts, or

overdue payments on the credit report are all solid grounds to reject your

application.

Your debt

Financing a new car purchase or opening a new credit card and adding a

significant amount to the balance will affect your mortgage approval. This

new debt will affect your total affordability and show banks that your present

financial circumstances are unstable.

Your closing costs

On top of your down payment and monthly mortgage payments, the bank

may require you have enough in your bank account to cover closing costs.

Typically, closing costs are 2-5% of the purchase price of your home.

Providing proof of all available funds will be a crucial step in the approval

process.

Your property’s condition

Another key factor to consider is the property condition. The bank will want

to see an appraisal report that outlines the condition of the property, as well

as its current market value. If there are structural issues, for example, the

bank may think twice before lending to you.

If you find yourself denied, do not fret. There is hope.

What you can do to get back on track:

Did you know that mortgages do not always come from major banks? In obtaining

a loan on your home, trust companies, credit unions, and even private investors

may be viable sources.

These alternative lenders will have different guidelines for qualifying for a mortgage

than standard banks.

If you find yourself in a situation where you’re struggling to get approval and

are denied by the bank, talk to me about these alternate loan sources.

A different avenue may be the best possibility for you, then I can help make the

necessary connections.

Let’s chat! Call or Text me anytime: {{default_phone}}

Cheers,

{email_signature}

PS – If you already have a mortgage and it’s coming up for renewal, there’s critical

information you need to know before signing the dotted line. Find out what, coming

up next.

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