[ Theme Music ]
Getting mortgage approval
isn't always easy.
Here are some common reasons why
people are turned down for
loans, and some suggested next
steps for each.
Your credit score is too low.
Work on managing your credit.
If you have missed payments, get
up-to-date and stay current.
You have too much debt relative
to your income.
Create a plan and a budget for
paying off some debt.
Do not increase your debt.
Your income is too low to
support the payments for the
loan you requested.
Find a property that is less
expensive, or consider a savings
plan to increase your down
payment amount.
The market value of the property
is not sufficient to support the
amount you wanted to borrow.
Lower your offering price or
find another property.
Your employment history is not
long enough.
Find out how long of an
employment history is needed,
and plan accordingly.
Your lender can work with you to
offer alternatives to try to
address any issues.