No what the bank said was due to your credit history you either proven that you are not good at keeping up with paying 950 a month payments or you can’t prove you are able to pay the payments fully and on time.
It has nothing to do with how much money you earn or have.
A rich person can have enough to buy 100 properties but can’t get mortgage for one due to having no or poor credit
Probably someone with enough money to buy 100 properties has enough credit to get a $950 mortgage. At that point you’d have to actively try to have credit that bad. But also, lending is based on more than just credit.
Someone who isn’t approved for $950 mortgage may very well have perfectly good credit. An important factor is access to income. If $950 is more than a certain percentage of your income they won’t lend.
If your credit is mediocre, then your interest rate will be higher but not necessarily declined.
It's actually a lot more than just income. It is also about how much debt the person already has. If their debt-to-income is too high, they aren't lending. Also, to an extent, this is due to the housing crash back. Lots of banks got burned giving out bad loans to people, that eventually wound up upside-down when the housing market crashed. They are gun-shy now regarding risky mortgages.
It has nothing to do with how much money you earn or have.
A rich person can have enough to buy 100 properties but can’t get mortgage for one due to having no or poor credit
Someone who isn’t approved for $950 mortgage may very well have perfectly good credit. An important factor is access to income. If $950 is more than a certain percentage of your income they won’t lend.
If your credit is mediocre, then your interest rate will be higher but not necessarily declined.