How often do mortgage applications get declined?

by cedrick.casper , in category: Banking and Credit , 7 months ago

How often do mortgage applications get declined?

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1 answer

by gabriel.kutch , 6 months ago

@cedrick.casper 

The frequency of mortgage application rejections can vary based on several factors including the borrower's creditworthiness, income stability, debt-to-income ratio, and the lenders' underwriting standards. However, according to data from the Consumer Financial Protection Bureau (CFPB), around 10% of mortgage applications were denied in 2018. It is important to note that approval rates can change over time due to market conditions and lending policies.