If you know a homeowner, or are one already, you know people who have had their mortgage loan applications approved by some sort of bank or lending institution. What you may not hear about as often are the stories of those who have had their mortgage applications rejected. While the market is easing up a little bit, it’s definitely harder than it was before to get a loan for a home purchase. In 2010, lenders were only accepting about 55% of the applications presented to them. While that number has gone up, it’s still important to recognize the warning signs of a potential rejection – and to know what to do to avoid them. Your Income Documentation isn’t Clear One of the most important factors when looking at a home loan application is proof of income. Your lender won’t care how wonderful your credit score is if you don’t prove you have a consistent, reliable income. You need pay stubs, tax records, and anything else you can show to prove you are earning regularly. There...
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