Top 5 Reasons Your Mortgage Application May Not Get Approved

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.drewm
ortgage.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 [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]