Common Problems
Insufficient Income
Your desired mortgage lender may very well reject your loan application if you appear to be stretching yourself too thin financially. If you know that you can afford the property in question, here are ways to improve your chances of gettting your loan application.
Appraisal Problems
What happens when the property that you've fallen in love with isn't worth what you agreed to pay for it, at least according to the appraiser. Here are some options, depending upon what caused the low appraisal.
Typical Documents
All mortgage lenders and brokers have their own, individualized package of documents for you to complete. Here are some of the other common forms that you're likely to encounter from your mortgage lender or broker.
Credit Report Errors
Whether it is you fault or another parties, credit errors do happen. Here are number of suggestions for dealing with an imperfect past, mistaken information and other credit report problems.
Excess Debt
If you're turned down for a mortgage because of excess debt, be grateful. Over the long term, such debt is a serious drag on your ability to save money and live within your income. These alternatives should provide you with some remedies.
List of Required Documents
Many mortgage lenders provide you with an incredibly lengthy list of documents that they require with mortgage applications. Pay stubs, tax returns, and bank and investment-account statements help to document your income and assets. Here's a typical list.
