With that in mind, many homeowners have tried their best to save money by applying to refinance their home loans. They were as follows:A too-high debt-to-income ratio (26.1%)An unacceptable credit history (24.3%)An incomplete application (17%)Bad collateral (16%)What can you do to increase your chances of getting approved? Talk to a lender: If you’re worried about your application being approved, the first thing to do is to talk to a lender. Ideally, lenders look for a ratio of 36% or less in order to approve you for a new loan. Examine your credit report for errors: Everyone is entitled to one free credit report per year from each of the credit bureaus.

Source: Forbes February 07, 2020 17:03 UTC