The Hughes Team

According to the Mortgage Bankers Association 50 percent of refinance applications and 30 percent of purchase mortgage applications are rejected or abanded. Below are the top six reasons mortgage lenders reject applications:

1. Income issues

2. Muddled money matters

3. Credit issues

4. Property did not appraise

5. House has condition problems

6. Technical difficulties with application

The articles points out that it is important to connect with your mortgage professional to work out these glitches.  Your mortgage professional can help you to determine if you should pay some bills down, get a co-signer, or wait a few months until your income documentation will qualify.

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