Common reasons for not being able to apply for mortgage loan
1, the reason of the developer
If the bank refuses to approve the loan because the developer does not have a pre-sale permit or sells an existing house that does not have the conditions for use, then the buyer can ask the developer to refund the down payment and deposit. In addition, developers can also be required to pay the corresponding interest losses.
2. Reasons for property buyers
If the bank refuses the loan because the information provided by the buyer is untrue or the buyer's credit record is bad, then the buyer will be liable for breach of contract and the down payment will not be available. You may even be asked for compensation.
3. Non-buyer-seller reasons
If it is because of changes in government policies or bank regulations that the loans that the buyers should get cannot be obtained, then the buyers should negotiate with the developers. If the negotiation fails and there is no agreement in the contract, in this case, the buyer can sue to prove that he is not at fault, but he is really unable to buy a house, thus requiring the developer to return the down payment and deposit.
After my mortgage application is rejected, can I still apply?
This also depends on the situation. There are three situations:
1, credit problem
If the home buyer's mortgage application is rejected because of personal credit problems, then, in this case, it is very difficult to apply for a loan again. Because every bank has similar strict requirements for credit problems.
2. Policy issues
If the buyer's mortgage application is rejected because of the current mortgage market and policies, please rest assured, because you can choose to try again after a while. At least half a year after the policy.
3. Incomplete information
If the buyer's mortgage application is rejected because of insufficient information preparation, then don't be discouraged. Because when you prepare all the materials for the second loan application, you can usually get the loan.