What Many Mortgage Articles Don't Say Many mortgage related articles offer similar things like buying a car before closing, or opening a bunch of new credit cards, but there are more uncommon factors that can lead to a similar loan turndown. For example, a home not be able to get approved if it's unsuitable, or unsafe, for human habitation -- a condition you may not discover until after a thorough home inspection's been made. Broken windows, lack of plumbing, major electrical code violations and/or major foundation damage are all deal-breakers with a lender. You'll either have to fix the home prior to your loan closing, or don't close at all.
More Mortgage Pitfalls To Avoid There are others ways in which a mortgage approval can go bad, too:
Mortgage approvals are delicate and, despite an improving economy, lenders still operate with caution. Talk with your real estate agent and your loan officer and put together a game plan. The best way to beat the mortgage system is to know the rules before you start to play. And the best way to know the rules is to speak with your trusted mortgage professional today!