As mortgage brokers, we know that homebuyers often enter the mortgage process with confident expectations surrounding the rate they expect to receive, only to be disappointed when they can’t qualify for the best rates.
They inevitably always come back with one burning question: why? Why do homebuyers not qualify for the mortgage rate they thought they would?
This is a great and important question, but it can also be a hard one to answer, since there are so many factors in their application that can impact their qualification. Many homebuyers often get caught up in the process and forget about one or two details that the lender will take into account. As brokers, we can help answer that big “why” question by going through the key points lenders look at.
Here are some of the more common reasons why homebuyers who expect to qualify are later refused, or aren’t able to secure the best market rates.