9 Reasons You Might Not Get a Mortgage

Applying for a home mortgage can be a time-consuming, costly, and frustrating process. When the housing crisis hit in 2008, banks and other mortgage lenders dramatically tightened the requirements on potential borrowers, leading to the denial of many mortgage applications. Indeed, according to industry estimates, as many as one-quarter to one-third of new mortgage applications are denied every year. Still, homeownership remains an essential part of the American dream, with some $2 trillion of new first lien mortgages approved in 2016. Since forewarned is forearmed, as the saying goes, here are some of the top reasons why mortgages are denied—and pain points you should address before you apply for yours if you want to avoid any nasty surprises.

from Bob Vila : Trusted Home Renovation & Repair Expert https://ift.tt/2MkO3m0