Even if you do everything right, the lender’s final mortgage approval requirements may change sometime between when you receive the preapproval and when the underwriter decides if your application should be approved. If you don’t meet the new guidelines, you won’t get the mo...
In my thirty-eight years as a Realtor, I have been fortunate never to have a client lose their mortgage after a preapproval was granted. Others are not so fortunate. Some of my collegues clients have lost their mortgage after receiving their preapproval. These are stressful situations nobody ...
Mortgage underwriting is often an automated process — software decides whether you are approved, rejected or asked for additional information. Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the ...
There’s also the odd chance that mortgage rates jump and if you don’tlock in your rate, you could fall out of affordability. Assets and Down Payment Another common problem is coming up with the necessary funds to close your loan. Generally, you need both down payment money and reserves ...
s possible that you could get approved for a different card. But to avoid having too many hard inquiries on your credit file, you may want to consider getting pre-approved before applying for a new credit card. While pre-approval doesn’t guarantee your final approval, it can give you a...
Mortgage, auto loans etc. 3 years is a young profile. My profile is 2 years (TU is 4.5 years) with my average age of accounts under 1 year. I had one card and one auto loan reported up until January of this year (TransUnion reports another auto loan so my TU sco...
What causes a mortgage loan to be denied after preapproval? This article provides answers to why it can be denied and what you can do about it.