It’s important to note that mortgage lenders often evaluate that not only can you afford the deal you’re going for, but also can make higher payments should interest rates rise.
Any inaccurate information provided can make your mortgage application get denied.
The mortgage application process and the criteria prerequisites can be complicated if you don’t have a sufficient grasp on the subject.
The Guardian reported that one out of six homeowners had seen their home loan application declined, suggesting it is a very common occurrence.
Some individuals opt to begin their mortgage application online without evaluating their financial position and chances of approval, which can have negative implications.
The loan rejection letter can put to a stop or slow down any home-buying plans you may have formulated.