Buying a home is no easy task. One of the significant tasks that come with purchasing one is choosing the right mortgage – one that works best for you financially. You have done your research, consulted your real estate agent, asked around and now found what you think is the best mortgage there is. Now you’re ready to apply and close the deal, but before doing so, read on for some of the reasons your mortgage application can be denied and tips to prevent them from happening.
Your Income is Not Secure
Lenders will check how stable your income is – that is your employment or business. Well, you just found a good paying job, so no worries, right? Short employment history in a company presents no problem, but if you are in a probationary period, lenders might not be happy about it before it ends.
Mortgage lenders often do … Read more