1. What if the mortgage is refused down payment?
1. If your mortgage is rejected due to the problems of the developer or the bank, you can cancel the house purchase contract with the developer without any liability for breach of contract, and the developer will unconditionally refund your down payment.
If the rejection is your own reason, then you should immediately find a guarantee company or increase the repayment period.
If the problem is still not solved, then you can only bear the liability for breach of contract, pay part of the liquidated damages, and the rest of the down payment can be returned.
Second, why is the mortgage rejected?
1. Bad credit status
In fact, the borrower's reputation is very important when applying for a loan to buy a house. If there is a recent record of overdue repayment, it is likely to be rejected in the process of buying a house loan. Of course, if you are overdue several times and the amount is relatively small, then you still have a chance to get a loan, but the loan amount will be greatly reduced and the loan interest rate will increase.
2. Insufficient income
According to the regulations of the bank, the lender must have sufficient repayment ability. Under normal circumstances, the bank will ask you to provide monthly income. If monthly income = monthly mortgage repayment *2, you can get a loan. However, if other loans need to be repaid during this period, it will be regarded as insufficient income and the bank will refuse to lend.
Editor's summary: The above introduces how to handle the down payment of mortgage and the reasons for the rejection of mortgage. I hope I can give you some help. If you need to know more about the rejected mortgage, you can continue to lock our website, and the follow-up content will be more exciting!