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Top 5 Reasons Your Mortgage Application May Not Get Approved

It can be quite a complicated task applying for a mortgage loan. Your mortgage application form should include up-to-date information. First-time homebuyers should have a basic understanding and be aware of the factors that may help a mortgage application form get approved. This presentation provides valuable information about the top 5 reasons your mortgage application may not get approved.

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Top 5 Reasons Your Mortgage Application May Not Get Approved

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  1. Top 5 Reasons Your Mortgage Application May Not Get Approved Drew Mortgage Associates

  2. Introduction Applying for a mortgage loan can be a complicated task. Your mortgage application must have up-to-date information. It's important to understand the basics and be aware of the factors that may impact an approval of the online mortgage application.

  3. The top reasons to avoid a mortgage application rejection. 1. Bad Credit History • Bad credit history is one of the main reasons why a mortgage application may get rejected. • Advised to improve your credit score • Pay your credit card bill payment 3 days before the due date. Do not miss the payment.

  4. You should apply for a loan that you can afford to pay back. Mortgage lenders will check your ability to repay the loan by comparing your current income to the amount requested for the loan. 2. Affordability and Income

  5. Make a sizable down payment. A sizable down payment indicates the ability to save and manage personal finances. 3. Low Down Payment

  6. Mortgage lenders may reject the loan due to property issues. Check with a mortgage advisor to understand the reasons for application rejection before completing your mortgage loan application form. 4. Property Issues

  7. Lack of documentation is one of the most common reasons why mortgage loan applications are rejected. File your tax returns on time and keep all your financial papers handy and in good order. 5. Insufficient Documents

  8. Are you looking for mortgage lenders in MA? Drew Mortgage Associates, Inc. is a mortgage lender in MA that can provide mortgage loans or refinance your loan to a low-interest rate. We'll guide you throughout the mortgage loan process, assist you while filling the mortgage loan application form, and will provide you with updates. What are you waiting for? Contact Drew Mortgage Associates, Inc. today!

  9. Read more about Reasons why your Mortgage Application may get Rejected - https://www.drewmortgage.com/the-5-top-reasons-you-may-not-qualify-for-a-mortgage-loan/

  10. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

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