Posted on November 25, 2016 at 9:30 AM by State Savings Bank
So you’ve been through the whole ordeal - you shopped all over town, you found a great home within your price range, maybe you even started planning the décor. But then, when you go to get your mortgage...you’re declined.
It’s disappointing, for sure. But denial can actually be a helpful learning experience - it’s a way to force you to assess your finances and take steps to remedy the situation.
Here are the top reasons we've found that mortgage applications are denied. Read through to discover how you can fix each one!
These are not the only reasons that mortgages are denied - but the fact that they’re the most common indicates that people could use help identifying where they stand financially. That’s where we come in! But before you approach a lender, ensure that all of your financial information is well documented, well organized, and most importantly: 100% accurate. Banks have to verify every bit of information you provide, and if inaccurate estimates are used at any point, you could be denied.
Next, we recommend building a relationship with a mortgage lender. You want this to happen as early as possible - and make sure you find one who is seriously invested in helping you succeed. We can’t recommend our staff more for this - one of the huge benefits of a smaller bank like ours is that we are committed to finding personalized solutions for each individual who banks with us. Learn more about our lenders today!
Also - always make sure you take the time to get prequalified for your loan. Knowing your budget means you won’t be blindsided when you go to apply for a mortgage. If you need help at any stage of your application, we’re only a phone call away. We’ve got the knowledge, know-how, and experience to make your home-buying experience as stress-free as possible.
Give us a call at (641) 227-3161 in Baxter or (515) 457-9533 in West Des Moines to set up an appointment.