Join SA Current Press Club. Because No News is Bad News.

Monday, May 7, 2018

San Antonio Ranks High on the List for Denied Mortgage Applications

Posted By on Mon, May 7, 2018 at 10:51 AM

click to enlarge Credit history is the top reason San Antonians are rejected for mortgages — also the top reason for rejection nationwide. - WIKIPEDIA COMMONS
  • Wikipedia Commons
  • Credit history is the top reason San Antonians are rejected for mortgages — also the top reason for rejection nationwide.
Getting rejected for a mortgage is a kick in the teeth. You scrimp and save for a downpayment only to have a bank dash your hope for living the American Dream.

And, apparently, that shitty feeling is familiar to almost one in 10 San Antonians who apply for a mortgage.



About eight percent of all S.A.-area mortgage applications are denied, making it the city with the 18th-highest rejection rate out of the 50 examined in a recent LendingTree Inc. study. Economists for the loan-shopping site parsed 10 million mortgage applications for its data.

Credit history ranked at the top reason San Antonians are rejected for mortgages. It's also the top reason nationwide, accounting for a quarter of all rejections.

The cities with the highest mortgage-denial rates are Birmingham, Ala., with a 13 percent rate; New Orleans, with 12 percent; and Memphis, Tenn., also with 12 percent. At No. 9 and with a 9 percent rate, Houston was the only major Texas city that ranked above San Antonio on the list.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.

Tags: , , , , , , , , , ,

San Antonio Current works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of San Antonio and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep San Antonio's true free press free.

Read the Digital Print Issue

May 20, 2020

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2020 San Antonio Current

Website powered by Foundation