…Even after you got pre-approval? Getting pre-approved should be the first thing you do when looking for a house. Once you get your ducks in a row and get that letter from your lender, you’re basically golden. However, there can be some instances of being rejected for the mortgage…even after you’ve been pre-approved. How can that happen? Read this article by Kyle Hiscock at the Rochester Real Estate blog for more:
-Change of employment- even if you are making the same income.
-Negative item suddenly on credit report- continue being diligent about paying bills on time.
-Additional debts are incurred- don’t go buy a car while shopping for a home.
-Loan Requirements or Lender Guidelines Change
-Issues with appraisal