Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year.
Want to avoid falling into that number? It's tough — especially in light of the fact that mortgage lenders have become increasingly restrictive in terms of their lending guidelines since the housing market crash.
Here, as a cautionary tale and primer on what to expect, are the top six reasons mortgage lenders reject applications.
You’ve seen the headlines. The combination of lower prices, increased rents and a weak dollar are drawing investor capital from all around the globe and funneling it into American housing. According to NAR, foreign investment is US real estate has increased by 20% in the 12 months ending march 2011, totaling $82 billion in just one year. What’s missing in most of these stories is why.
Time management is an issue for many on both a personal and professional level. Author Brian Tracy makes it clear that the important piece of time management and prioritizing is not completing every task (because you never will!) but rather finding the most challenging tasks and getting those done first.
USA investment property is becoming very popular these days, and many foreign investors, especially from the UK, Australia and Europe, would prefer purchasing properties in this country.
