Feed: Was Your Mortgage Declined in Underwriting – Common Reasons For - AggScore: 10.5
Summary: Was Your Mortgage Declined in Underwriting – Common Reasons For Loan Denial
Darin Sewell asked: Nothing is more frustrating then receiving word you have a declined mortgage refinance loan. Not being able to secure financing can make all the plans that you had seem to go right down the drain. But knowing the common reasons for loan denial can go a long way in helping to stop [...]
Was Your Mortgage Declined in Underwriting – Common Reasons For Loan Denial
div stylefloatleft padding 12pxa hrefwpcontentuploads201011mortagemortgage9.jpgimg srcwpcontentuploads201011mortagemortgage9.jpg title alt adivdivemstrongDarin Sewellastrong asked embrbrbrbrbrNothing is more frustrating then receiving word you have a declined mortgage refinance loan. Not being able to secure financing can make all the plans that you had seem to go right down the drain. But knowing the common reasons for loan denial can go a long way in helping to stop the potential problem before it starts.brbrWhy Home Loans Are DeclinedbrbrHome loans are declined because the underwriters at the lenders have decided your loan either did not fit into their lending guidelines or you were to risky a borrower. The underwriters act as a wall of protection for the lender so if something does not make sense to them they may either ask for clarification or deny the loan.brbrCommon Reason For Loan DenialbrbrOne of the most common reasons mortgages get turned down is from borrowers giving false or inaccurate information. Many times this is done by accident. Even when done by mistake it is hard for underwriters to look past false information as it appears to look like potential fraud.brbrWrong income levels are often stated on loan applications. The best way to avoid this is to go by last years income on your W2. If you have had a raise and are hourly figure 40 hours a week as your base salary. Wrong income is the quickest way to get your loan terminated in underwriting.brbrProperty values are another common reason mortgages get turned down in underwriting. People may tell their loan officer their home is worth a certain amount only to find out it is worth much less then they thought This is especially true today with the recent drop in real estate values in many parts of the country.brbrA credit score drop is also another common reason for losing your loan. One of the biggest mistakes people can make is to have multiple mortgage companies pulling their credit. While a few credit pulls will not hurt you having more then 45 credit pulls can start to damage your score. To avoid this stick with three reputable mortgage companies and get quotes from each one.brbra hrefBarryadiv
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