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Articles  » 3 Things That Can Hurt Your Chances Of Getting A Mortgage.

3 Things That Can Hurt Your Chances Of Getting A Mortgage.

Qualifying for a Mortgage can be affected by a large number of factors. Some of the most common ones are of course, a low credit score, being deficient in income. But there are other less well known factors which could affect the application as well.

Three of the most crucial ones are:

Number 3: Renovation of your house:

» It is possibly one of the worst times for you to be applying for a loan. Lenders are not going to be looking too kindly on half done renovation work going on in the house. Most lenders prefer that the work is completely done before agreeing for the mortgage because half done work will lessen in value.

It is always advisable to take out an equity loan before the home improvement plans start rather than midway

Number 2: Do you have any lawsuits of court proceedings against you?

» Court Proceedings and complaints, lawsuits and the like can be very detrimental to your application. Being involved on a lawsuit will make the lender hesitant about the whole issue. When your lender asks you if you are involved in a lawsuit, it is imperative the question be answered truthfully.

If you are involved in court proceedings, there is always a chance that you could have to pay money or be sued a large sum, it is this what makes most lenders hesitant in situations such as this.

Number 1: Divorce

» Divorce is a huge responsibility and can adversely affect you carefully made mortgage plans. Just because you are going through a divorce does not automatically disqualify you from applying for a mortgage, but it just makes the process itself a little harder. This is because the lender does not want to be left behind with no money after the entire proceedings of the divorce. It is important that the fact that you are going through a divorce is stated really clearly and not hidden because there could be legal ramifications if you do so.

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