There is nothing more disheartening that having your mortgage request declined because qualifying for a mortgage today is more complex than it once was.

That is why it is so important to include a condition for financing in any offer to purchase a new home. Don’t assume you will be approved now because you were in the past or you only want to move your current mortgage to a new property.

Even if your bank says no, you may still have options. Let’s explore some common reasons for mortgage declines and how you can improve your chances of approval.

Here are some of the most frequent reasons why lenders might reject a mortgage application:

You didn’t pass the mortgage “stress test”—Although the current mortgage stress test rate is 5.25%, you must qualify at the contract rate plus 2%. For example, if your contract rate is 4.69%, you’ll need to demonstrate you can afford payments at 6.69%. All federally regulated lenders (such as banks) and most credit unions follow this rule. There are some exceptions, so make sure you chat with........

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