13 reasons for a declined home loan application
Most welcome to tonight’s video will be discussing why you might get to climb for a home loan cigars number one small deposit now most banks rules require a minimum of five percent deposit if you have less than four percent oppose it now most likely to call on the line.
Insufficient capacity to repair the line so because when you’re applying for a home loan the banks will put you through will test your income in one of their servicing calculate is now if you don’t have enough income to service the line you’ll be decline for this reason.
Sir because there’s another video of mine on handling crease you’ll boring capacity if you have been declined for a home loan because you caught what I size you comp repair the line have a look at that video and then I’ll give you some tips and tricks Hatem increase your boring capacity.
Still on probation at work now because most lenders will not approve you’ll learn if you’re on probation there are some alternatives to these some banks night allow you to be on probation but there’s other criteria such as you know you might have to have been in the industry for four or five years two three four five years whatever it is.
Bad credit history now because unfortunately in the Steiner age this is happening a lot a lot more.
But don’t be don’t be afraid there are still lending options out there such as low loans all time non conforming lenders now look you might not have heard of these banks but I am might be prepared to keep you all aren’t.
The lender will not approve your application if you compromise source of income now because the loan is my.
I let out some income from the government if you getting some sort of benefit but because they’re not gonna allow that is the main source of income unfortunately.
Multiple loans applications now because if if you’re a bit of a worry in person and you want to make sure you gonna get the line and you submit multiple applications to you know I’d fall six banks.
Unfortunately each time you submit the application it actually goes on your credit file so because if you know it at the third bank that you submitted out they gonna decline it because you know they gonna say you’ve submitted applications at prayed to beat down the two previous banks and you know what’s the race morning use them so they’re gonna think I can I will this person’s just you know I want to get a better deal one of whatever it is I’m going to be a good client to last so they could decline on that reason.
A unique property might be like locking a small door meant like a rule probability large acreage or something like that cigars this specific loan is that Khan of once a deal and they sort of errors and someone is aren’t so there might be additional criteria that you have to make if you are looking at buying a unique property.
In a job less than twelve months someone is will accept six months and three months bought them might be a more stringent criteria out log on touched on before you might have had to be in the same industry for two years or something along the lines of that’s.
Self employed less than two years if you’re self employed lot myself most lenders will require two full business and personal tax returns to prove it income now there are alternative options such as local lines with the amount of documentation you have to provide is flawless so because if you’re in this situation give me a call it’s a little bit more in depth than you know a person that’s just ending you know that works full time ending why just for someone.
So yeah gives a call or an email be happy to have a chat about your situation.
Bad spending habits so guys when you launch the application the bank were require some bank statements one to prove your income bought and another reason for that is that they’ll have a look at you you’re spending now if there’s not on any non declared expenses or any you know large sums of unexplained with trolls that’s a major red flag for the banks so because they’re gonna you know if if there is those sort of things on your bank statements they gonna ask questions and if we don’t have ons is or if you don’t have answers for them then now to climb on that raisin.
Decline from mortgage insurance so because you feel LV out reserve ID to sin and if you don’t show LV are is this another video of mine explaining exactly what we are is you most likely have to pay lenders mortgage insurance in the same video LV on an element and all is explained in the same one so fun that media.
If you do require or if you do have to pay Alomar you’ll have to meet their criteria will suck so for example you might make the bank’s criteria bought when it’s get put when it gets put to the mall can you ensure Oct you might not make it so you might get the client on that raisin.
Avoiding insufficient all conflicting documents cigars it’s vital to get the rock documentation together and if the documents you know a little bit strange or have not submitted the correct ones.
This will drastically increase the time to approval because the bank will have to come back in oz for others how it however in some cases the lenders will just decline on the fact that your documents on open honest and you haven’t submitted the right ones because it’s a fairly tall consuming process for them.
Close to retirement age if you apply for a loan at a later stage in your life let’s say fifty five years old.
Now the banks cont discriminate against your right age but I will require you to show your exit strategy cigars you know if you are in the side and you close to retirement hell you going to you know repair the line if the thirty lawns and and you know in twenty is having a pylon so you gonna have to show an exit strategy of in that case we’ll have to sell and move to another house or whatever it might be.
God thank you very much on Matthew ricin from from your choice some lines if you have any queries or questions feel free to give me a buzz or name out speak usually.
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