Reasons Why Your Mortgage Application Might Be Denied:

1. Too Much Debt or Too Many Credit Applications: Already having so much debt when applying for a Mortgage can make your lender believe that you are not capable of paying your rates & are not financially stable enough to afford to buy a home right now.

The optimal solution for this would be to pay off as much debt as you can before trying to apply once again. It will also help if your credit applications are minimized as well.

2. Your Credit Score Or History: Your credit score is an important factor that impacts your application.

Make sure to improve your Credit Score to be able to get your mortgage application approved.

3. Your Down Payment: Your deposit may have been too small & your rates calculation didn’t go as planned.

4. You Can’t Afford It: Your lender may have determined that the mortgage you applied for was out of reach for you. This means that the affordability calculations were not made correctly prior to the application.

Want To Discuss More? Send me an email: beataw@dominionlending.ca