Will I be notified if my mortgage is rejected?

If the mortgage loan is rejected, I will be notified. After the mortgage loan is rejected, the bank will notify the user in the form of a text message, so that the user can know the approval result of his mortgage loan in time. When applying for a mortgage, the bank will ask the user to provide a reserved mobile phone number, and the approval result of the mortgage will be sent directly to the mobile phone number. In addition, users can also check the progress of housing loan applications through the mobile banking APP.

For users, after their mortgage application is rejected, they can try to apply for a mortgage again, but it is best to resolve the previous problems before applying again.

What are the common reasons for mortgage rejection

1. There is a record of late repayment

When applying for a loan, the borrower’s personal credit report is very important For reference, if the report shows that the borrower has a recent history of late repayments, the likelihood of loan rejection is very high. However, if the borrower has few repayments and a small amount, there is still hope of getting a loan, but the loan percentage will be reduced and the loan interest rate will be increased.

2. Incomplete loan information

One of the conditions for successfully obtaining a loan is that the information provided by the borrower must be complete, because if the information provided by the borrower is incomplete, the bank will also Denied loan.

3. Provide false information

Some home buyers are worried that the loan limit will not be high because of their low income, so they think of submitting false information. However, if the bank discovers it, the loan will definitely be be rejected, and may be included in the "blacklist" as a result.

4. Personal income is unstable and repayment ability is weak

Whether the loan is successful has a great relationship with the borrower's repayment ability. If the borrower's repayment ability is insufficient, Then the bank will need to bear higher risks, and the chance of mortgage loan rejection will also increase.

5. Excessive debt

The borrower’s monthly payment should not exceed 50% of the family’s monthly income. If it exceeds this limit, the loan may be rejected, even if it can To obtain a loan, the loan amount is not high

6. The home buyer is too old

Banks will require borrowers to be over 18 years old, among which 25-45 years old are popular group, and the success rate of loan application for borrowers over 50 years old will be lower.