Home Mortgage Loan Applications Can Be Denied for Various Reasons
Across the United States, 8% of all home mortgage loan applications are denied by lenders. The rate is slightly higher in metro Atlanta, where 9% of all mortgage loan applications are denied approval. Although reasons vary, the buyer's credit history and debt to income ratio remain the two top reasons that home mortgage loan applications are denied. Issues with the property the buyer wishes to purchase is another leading reason for mortgage loan denials. To improve chances of mortgage loan approval, potential buyers should check their credit reports for inaccuracies before applying; pay off as much debt as possible; and make sure that their mortgage loan applications are filled out correctly and honestly and can be verified.
Buying or refinancing a new home in metro Atlanta or anywhere else in Georgia? Contact Peachtree Mortgage Services, Inc. at 770.481.0052 or peachmtg@bellsouth.net.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.