Getting a mortgage is usually convenient, especially when venturing into costly projects such as buying land, investing in real estate and so forth. However, even Primary Residential Mortgage, Inc. knows that at times your application may fail to go through for particular reasons.
And, for you to boost the chances of your application being accepted, you need to know how to avoid them.
1. Poor credit score
In matters of mortgage loans, lenders are more emphatic on your credit score than anything else. A good credit score should qualify you for FHA loan program or any other mortgage loan.
On the contrary, a poor credit history means the lenders will definitely keep your application at bay. The good news is, however, you can always review your credit score and take steps toward improving it.
2. Inadequate asset documentation
Careful lenders would want to take a look at your ability to repay the loan. The only way they can check your financial muscle is through the financial and asset documents that you present to them.
Using the information, they compare the salary and asset value against the debt to determine whether you are fit for the loan or not. Therefore, it’s only prudent to keep your paperwork in order.
3. Providing incorrect information
Lenders are very keen when it comes to getting your personal details right. By extension, they use professionals in assessing any information that you present them. Upon discovery of any wrong and misleading information, there is a high chance they might turn down your application.
Mortgage loan applications can be a challenging process. And, on top of getting the right lender, you need to get the process right if you are to get the loan. With these tips, you will boost the chances of getting approval for your application.