10 Factors Affecting Your Mortgage Loan

There are numerous factors that might affect the approval of your mortgage loan from lenders.

1. Credit report
The three major credit bureaus: Equifax, TransUnion and Experian provide your credit report. It is important to review these for errors because statistically, errors are present in 40 percent of credit reports. These errors can figure in your mortgage loan which would lead you to get higher interest rates or not get the mortgage loan at all.

2. Credit Cards
Lenders become suspicious when you apply for new credit cards or close current accounts when you are applying for loan mortgage.

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