Congratulations on getting a Mortgage pre-approval! Do not mess it up now!

1. Congratulations on getting a Mortgage pre-approval! Do not mess it up now! When you want to apply for a mortgage loan, the procedure starts with the pre-approval of the loan. You will get a pre-approval based on your income, credit score and your assets. There are many times when there is a denial on a mortgage loan. But these denials could be avoided with the help of few prior precautions. Now let us talk about the mistakes which usually occur after getting a mortgage pre-approval which leads to the denial of the loan. Mistakes which lead to loan denial: Change in Employment: When there is a change in employment, a lender has a different vision regarding it. There are few things mortgage loan providers check out before your mortgage pre-approval. They will consider the salary, fixed hours, commissions, probationary periods, job expenses, etc. When there is a change in all these things, the mortgage loan providers tend to have questions regarding your loan repayment. Cash Deposits: When you apply for mortgage loans any large sum of deposits into your joint account will need a clear disclosure. The large deposits like: Sale of assets: car, boat, furniture, etc. Cash gifts All other large deposits ▪ ▪ ▪ These all need disclosure for sure, or you might lose your loan. Over-drafts: A lender always approves the loan and interest you need to pay after checking all the details and documents of yours. When you are submitting the bank statement for the

2. second time after the pre-approval, make sure there are no changes when comparing it to the first bank statement especially regarding any changes in overdraft charges. If they are any, then be ready to have a clear and reasonable explanation for it. Credit Enquiries: The credit report lifetime depends upon the type of loan. If there is a need for credit update or the credit report expires then you might be endangering your credit score, which can affect your approval on loan eventually. Changes in lender guidelines or loan requirements: When there are changes from either the lender side or borrower side can be the reason for denial of the loan. For example, if the guidelines have a fixed credit score, a change in credit score by either party will lead to the denial of the loan. Appraisal: Few lenders tend to give importance to the bank appraisal. But there can be issues with the bank appraisal too sometimes, which can change the lender's decision about your loan. It depends on the lender on what aspects they decide to approve a loan. These aspects can vary from one lender to another. Any changes or violation in those aspects can be a reason for the loan denial. When you plan for the mortgage loans in Hyderabad, you need to search for the best mortgage loans. Finfree Enterprises is where you can get the best mortgage loans. Our team will make sure of all the aspects when you are applying for the mortgage loans in Hyderabad. You won't be experiencing the disappointment of loan denial.