Whether you’re a first-time home buyer or are refinancing, the mortgage approval process can be a little overwhelming. That’s why it’s good to work with an experienced mortgage specialist like those at Grandview Lending. At Grandview Lending, we have a 15-step loan process from loan start to closing that we follow. Our mortgage specialists will walk you through this process step by step to help ensure a favorable mortgage outcome.

But sometimes, people have complicated financial histories that make underwriting more challenging. Or, they inadvertently do things that delay the process or cause their loan to be denied. Here are some things that have gone wrong with other applicants during the mortgage approval process:

1. The applicant’s landlord wouldn’t let them out of their rental lease, and they couldn’t afford to pay rent and make house payments.
2. The applicant worked in the service industry and received a large portion of their income in cash tips, which couldn’t be verified.
3. The applicant changed jobs in the middle of the process, but forgot to tell their mortgage specialist.
4. A debt they thought was paid, actually wasn’t and it went to a collection agency.
5. The applicant co-signed a loan a year ago for a relative, but their relative never made the payments on time.
6. The underwriter thought the applicant had too much credit card debt.
7. The applicant received $5,000 in gift money to use toward their deposit, but the letter verifying the gift says they only received $4,000.
8. The applicant’s employer wouldn’t verify that the individual was an employee.
9. The applicant decided to buy a new car during the process, which changed their debt-to-income ratio – meaning they no longer qualified for a home loan.
10. The applicant forgot to file their income tax return last year.

We realize things happen, but if any of these things sound familiar to your situation, please let your Grandview Lending mortgage specialist know as soon as possible. And if we learn about anything that is holding up your loan approval, we’ll let you, too.

At Grandview Lending, we will answer your questions and do the best we can to help keep the loan process on track. After all, our goal is help you get a new mortgage loan for the home of your dreams or refinance an existing mortgage loan, so you can lower the terms of your current mortgage to save money. But, unfortunately, some things do happen beyond our control.

If you’re in need of a new home loan or need to refinance, contact us today to learn more about how Grandview Lending can help you.

Photo credit: iStockPhoto/khz