Mortgage approvals depend on a variety of factors, but research suggests that the weather conditions may affect your chances of getting an approved mortgage.
The results of your mortgage application are determined based on different factors. As reported on Investopedia, a person can increase their chances of getting a preapproved mortgage with time, patience, hard work and some luck.
However, research from the Cleveland Fed noted that there is a significant relationship between weather and the outcome of mortgage applications, Realtor.com reported.
The study was conducted on data gathered from 2,000 U.S. counties for a period of 12 years, from 1998 to 2010. It has been found that sunnier weather led to higher credit approvals while the rain brought in tighter credit conditions.
Sunnier weather has reportedly led to an increase in approvals by 0.80 percent while the gloomy weather has brought about a 1.41 percent drop in approvals. The publication noted that while this does not seem like a drastic drop or increase, these small shifts can bring about "significant effects."
"A rough estimate of the extra credit approved on one perfectly sunny day relative to one fully overcast day is about $150 million nationwide or $91,000 per county-day," the study revealed.
While a sunny sentiment can definitely help boost your chances of getting an approved mortgage, the aforementioned publication reported that there are certain things you can do to make yourself an attractive loan candidate.
Finding a cosigner or teaming up with someone else in order to get a higher total income can help boost your chances of getting an approved mortgage.
Aside from this, you may also try going for a less-expensive property if you have been rejected several times - sunny weather or not. You may also try applying under a different lender but sometimes, all you can do is wait for the right time.
