Why Your Mortgage Is Declined

Mortgage for homes are usually declined because of traditional banking qualifying requirements. In the United States most home buyers banks base a borrower’s wealth (qualifying factors) on their ability to pay back debs. When that is questioned in the least bit the loan applicant is more than likely declined. Sometimes the loan application is sent back to the borrower for clarification and documentation. When the explanation by the borrower is to the banks satisfaction the loan is approved.

Banks offering a mortgage to a future home buyer they want to know the borrower will pay off the loan given. Always expect the banks to automatically run a credit check on who wants to borrow money from them.

During this process the bank will do their research from three different credit reporting agencies to decide what the borrower’s FICO, (Fair Issac Company) scores are from each agency. Low FICO scores means a decline in the home loan.

What should I do?

Listed in this post are 10 items that will impact your credit score in the eyes of your lender. The more of these 10 things you have under control the greater the chances of your bank lending you the money you need to buy your new home.

Everything you do with your finances has an impact on your credit score. Some things have a positive effect and others a negative effect. Read more…

How can Cliff Keith help you with your mortgage?

After reading this post you may want to talk with Cliff Keith and Team. They have been in the real estate business for over 40 years in the SF Bay Homes area. Our contact information is in the signature of this post on the bottom of the page. Please look at us as your real estate resource center for all your questions and concerns. We are never too busy for you.

Here’s an easy 3-Step process for contacting Cliff Keith and Team:

1.Take out your cell phone

2. Look up my number. Hint: 650-346-7366

3. Call me immediately so we can discuss exactly what it is that you are trying to do with selling or buying a home.