According to an analysis of some ten million home loan applications by LendingTree, lenders are approving mortgages at the highest rate in at least 15 years.
The 9.8% of borrowers who are turned down for purchase applications are being turned down primarily because their debt to income ratio is considered to be too high. Other concerns lenders may have are weak credit histories, lack-luster credit scores and sheer carelessness when borrowers turn in incomplete applications.
Simultaneous to the current uptick in approvals of mortgage purchase applications, refinancings are surging. The Mortgage Bankers Association points to a +199% increase in approved refinancing applications during the first week of October 2019 compared with the same week in 2018.
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LendingTree indicates that the cities with the highest mortgage rejection rate live in the state of Florida. Take a look:
- Miami – 11.6% of applications denied
- Orlando – 10.9% of applications denied
- Tampa – 9.5% of applications denied
- Jacksonville – 9.5% of applications denied
Conversely, LendingTree indicates that the cities with the least mortgage rejection rate in Q3 2019 were…
- Minneapolis – 4.6% of applications denied
- Salt Lake City – 4.9% of applications denied
- Kansas City – 4.9% of applications denied
- Virginia Beach – 5.2% of applications denied.
Thanks to LendingTree for source data.