I have been turned down for a mortgage. Now what? - One thing youll need to do is figure out exactly WHY you were turned down in the first place. If its a credit issue, then you can get a free copy of your credit report and start fixing the bad things on your credit. Your mortgage company should send you a "Notice of Credit Denial" in the mail with instructions on how to obtain your free copy of your credit report.
A good mortgage broker will explain to you, in detail, what you need to do now after you have been turned down for a mortgage loan. Your mortgage broker should be able to assist you so that sometime in the near future you will be ready to obtain a mortgage loan that fits your needs for your individual situation.
If you have been turned down for a mortgage, it is not necessarily the end of the road for you. Some lenders, especially banks have a fairly limited range of programs to offer you. Try contacting another lender that has more experience with subprime borrowers. If you are denied again, such a lender is better able to give you direction on how to qualify in the future.
Getting turned down by a lender - You may not think so now, but if your mortgage application was turned down you should probably actually THANK your lender; chances are they’ve done you a tremendous service. Basically, a lender turning your application down is a mild way of telling you that you simply aren’t ready yet-- “yet” being the word to focus on.
Even if you feel perfectly confident that you can bare the additional financial load, owning a home before you’re truly ready can devastate your budget and peace-of-mind; you don’t really own the home in those circumstances anyway, the house ends up owning you.
Ask your mortgage expert to help you understand exactly why your homeloan was turned down and what your strategy should be to fix it; Or visit us at MUHomebuyer for assistance.
When you are turned down for a loan, ask specifically why your loan was rejected. Ask your loan officer to review your credit report with you to make sure all the information is accurate. You may want to get a consumer credit report as well.