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When you applying for a mortgage, good credit, enough savings for a down payment and low or no debt are the aspects that would help you.
But there are other unusual reasons for your mortgage to get denied.
According to mortgage experts, when applying people are not aware of these pitfalls.
1. Your bank statements shows betting or gambling transactions
If your bank statements are showing gambling transactions, your mortgage application could get denied.
James Andrews, the mortgage expert from Money, says that if you’re betting small amounts here and there, like playing the lottery, then it won’t impact your mortgage application.
But, if you’re regularly betting or gambling, or if you’re borrowing money to gamble, the application could get rejected.
Because you portray a financially risky behavior that is not suited to lenders.
2. You've recently moved jobs – even if your new one is paying better
Unfortunately, even if you have moved up the career ladder, now in a better, more lucrative job can still impact your mortgage application.
Because mortgage lenders want to see stability, a recent job change raises doubts about your ability to hold a steady job
Having the same job for at least two years speeds up your chances of approval
3. Recently sent or received money as a gift
Sending or receiving a large sum of money as a gift may seem like extravagant spending.
don’t just deposit a cash gift from family or friends, it into your bank account without informing your lender first.
4. Missing to fill information
Whether you are omitting and failing to disclose, both could lead to mortgage rejection.
Something as simple as missing a zero when putting in your income could raise big questions with your loan officer.
5. Accidentally mentioning more dependents in your application form
Sometimes due to a typing error or browser error on dependents could lead to rejection.
Because looking after children is expensive, so lenders consider this, along with your earnings when they calculate a mortgage.
Reference Source: Real Homes
