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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