Source: Finger Lakes 1 —
Navigating a home loan application can often be a long and complicated process. Often after the hours of stress and effort you’ve spent, you can still be rejected.
A survey conducted by Digital Finance Analytics found that approximately 40% of home loans were rejected in December 2018.
A mortgage is a long term commitment and a significant financial investment. For this reason, lenders need to be careful who they lend to. Additionally, you also need to ensure that the particular home loan is right for your situation. There’s nothing more stressful than ending up with a home loan that you can’t easily maintain or pay off.
With this in mind, Joseph Daoud from It’s Simple explains that there are a few common reasons why your home loan application might be rejected and gives tips on how to avoid them.
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