This year, nearly 75 percent of mortgage applicants are approved for their requested loan—that’s the highest approval rate this decade! Although the remaining 25 percent is not initially approved on their loans, there is still a great chance to receive approval in the future. In fact, in most cases, an unapproved mortgage loan means “not now” and lenders encourage these potential homebuyers to re-apply with changes to their applications. But what changes can you make? Check out our suggestions to change your status from “eligible” to “approved”.
Getting a mortgage during a job transition may not be a deal breaker for mortgage lenders. In today’s constantly evolving society, it’s difficult not to change jobs as you grow. Whether you’re moving to a new city or simply changing employers, there are several ways to get approved for a loan that best fits your home buying needs. Check out our suggestions— and make sure to keep your lender abreast of all potential job changes during the mortgage process!