Sentences with phrase «reasons mortgage applications»

The top reasons mortgage applications are rejected are too much debt, poor credit scores and bids that exceed a house's value.

With this in mind, I asked a handful of highly recommended mortgage brokers to share the five most common reasons mortgage applications get denied.

A survey by The Fair Isaac Corporation (FICO) says that poor debt - to - income ratio (DTI) is the No. 1 reason mortgage applications are denied.

Not exact matches

The first reason is that withholding information from your mortgage application can constitute loan fraud, which is a far worse outcome than not getting your home loan approved.

Your New York Mortgage Company has the top five reasons applications are denied for first - time homebuyers.

This is much different from banks, which often reject mortgage applications over the reasons for needing the money.

During the application for a private lender mortgage, you will be required to explain your reasons for needing the money.

Banks will reject mortgage applications for a wide variety of reasons, but private lenders can still work with these people.

The reason they decline some of the application for mortgage is because they want to be sure that they only release loans to people that they believe will be able to pay back.

The reason the internet is a good place to start applying, is because most mortgage applications online do not typically pull your credit with the first application.

If your application is denied, ECOA requires your lender or mortgage broker to give you a statement of the specific reasons why it denied your application or tell you how you can obtain such a statement.

If your mortgage application is denied, you need to find out the reasons why it is rejected and ensure that you address the reasons before you make a fresh application.

Inadequate Credit History: Top of the reasons why mortgage applications are denied is when applicants don't have good credit history.

Whatever your reasons are, our team can help you with your second mortgage application.

And it's one of the most common reasons people have their mortgage applications denied by lenders.

As in 2013, insufficient collateral remained the most common reason cited for denying conventional purchase mortgage applications in Detroit last year, followed at a distance by insufficient credit history and too - high debt - to - income ratios (figure 7).

This is another common reason why mortgage applications get denied.

The CMHC said it has been compiling data on how many would - be homeowners have their mortgage applications rejected for these reasons, but can not disclose those numbers right now because it is based on conversations with commercial lenders.

If you have a reason to speed up the process, like a pending mortgage application, and are willing to take the risk of an online dispute, you certainly can do so — but we advise using Credit Manager or writing a letter instead.

Delays on approval for mortgage applications in most cases occur for the same reason, lack of documents for mortgage approval.

Make sure that your payment is on time because one late payment can do damage to your credit score and it might be the reason for the disapproval of your application for mortgage in the future.

My vast experience in mortgage loan processing has instilled in me logical thinking and reasoning that is important in order to identify strengths and weaknesses of all applications.

Interest rates are climbing and major housing measures such as existing - home sales and mortgage applications are softening, but there's little reason to fear our great housing boom is ending.

The first reason is that withholding information from your mortgage application can constitute loan fraud, which is a far worse outcome than not getting your home loan approved.