Here is a quick hit-list of the main reasons borrowers get denied for home loans. Each of these are talking points that could easily deserve its own post. Today, however, will just be a quick rundown. Knowing about these is important so that you can prepare and plan accordingly.
Late payments and non-payments will make your credit score drop down significantly. Additionally, applying for more loans and exceeding the limit on your credit cards will also negatively impact your score. It goes without saying that your credit score is one of the first things lenders check to know whether you are a risk or not. Apart from looking at your credit score, lenders will also check whether you have multiple late payments on your credit report. An inferior credit score is the main reason why most buyers fail to secure a mortgage.