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Three Reasons Why Many Mortgage Applications Fail

June 2nd, 2016 | Application, Mortgage, Approval

If you are contemplating buying a home, then you are going to need to work with a mortgage broker for professional advice. If you happen to be purchasing your home in the greater Miami area, then it is highly recommended to work with a mortgage broker in Coral Gables. If you do this, you will be able to make an informed decision that will lead to a successful mortgage application. Here are three reasons that many mortgage applications fail:

1. Improper Payment of Fees: Be sure to read the fine print carefully and bring more than one check with you on the day you are signing your mortgage papers. This is very important in order to have success with your mortgage application and it will prevent any unnecessary delays in getting your application approved.

2. Poor Credit History: Be honest about your credit history with your mortgage broker in order to ensure your success. If you do this, you will have a realistic conversation about what your chances are of being accepted. If you are not ready yet, do not apply. By applying prematurely, you are actually causing your credit more damage in the future.

3. Improper References: Be sure that you are providing current employer and personal references for your mortgage application. By providing a false reference or a reference whose contact information is out of date, you are causing yourself a delay or a potential to have your application denied.

When applying for a mortgage, it is essential to do your homework and to check your application and its requirements at least three times. This risk can be mitigated by working with a professional. Thus, be sure to do your research and assess whether you are ready to apply for a mortgage and also, whether you have the proper application components that are necessary. If you do this, you can rest assured that you will be in your new dream home in no time!

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