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Why Mortgage Application Rejected After Pre Approved?

What are the reason your mortgage application could be rejected after you have been pre-approved and how long does the mortgage process take after you have submitted your application?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

As long as your credit score, debt-to-income ratio, employment status and other borrower qualification factors remain the same following your pre-approval then your loan application should be approved and your mortgage should close. Losing your job, experiencing a significant decrease in income or increase in debt or your credit score dropping are some of the reasons why an applicant may be declined for a mortgage after they have already been pre-approved. For example, if you are pre-approved for a mortgage we recommend that borrowers not change jobs, make any major purchases, take out any large new loans (such as a car loan) or run up significant credit card debt until after your mortgage closes (if ever). As long as you avoid these issues and your credit and financial profile remains steady then your pre-approval should remain valid, your mortgage application should be approved and your mortgage will close.

It usually takes four-to-six weeks from the time you submit your loan application until your mortgage closes. Factors such as the length of the lender's underwriting process, loan type and amount as well as property type and value influence timing. We provide an interactive mortgage process timeline on FREEandCLEAR for you to review.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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