Florida Is #1 When It Comes to Mortgage Rejections

According to an article from FloridaRealtors.org Florida leads the country with almost 1 in 5 mortgage applications getting turned down.  There are some interesting statistics:

Nationwide, 6 percent of survey respondents said they were denied a loan: 50 percent on their first try and 25 percent more than once:

  • 79% were told why their mortgage was denied
  • 41% thought the denial unfair
  • 33% thought it was embarrassing
  • 35% said it pushed them to improve their financial situation
  • 52% denied to a high debt-to-income ratio; 39% credit history/score and 25% insufficient income

This is why you don’t want to just look for the lowest interest rate because that rate is no good if you don’t close on the house.  You want to make sure to work with a company that has multiple products, are knowledgeable, and keep as much of the loan inhouse so that your lender keeps complete control of it.