Before looking Santa Cruz real estate for sale, you need to know there's a possibility your mortgage application will be declined. Keep in mind these top ten reasons for mortgage rejection:
1. You and/or your partner are self-employed. You'll need to show at least two years of tax returns to prove your income.
2. You recently made a large purchase. Don't make a large purchase, such as a vehicle or boat, right before or after submitting your mortgage loan application.
3. Too much debt. Lenders have guidelines for how much debt you have versus how much income you have. If your debt to income ratio is too high, your application will be declined. Reduce your debt to income ratio.
4. You applied for a credit card. Usually, lenders will check your…