The Mortgage Bankers Association estimates that about half of the mortgages applied for today are being turned down. Not great news for the buyers that are actually out there today willing to step into home ownership in this market.
However, there is some advice to be had if you have been one of the unfortunates that have been denied a mortgage loan:
-Do find out why your loan application was denied. If it is something that you can fix in a couple of months, get on the path to getting the issue handled and then try to reapply when the situation has been corrected.
Even if you are going to need another year to set things right, start now and that year will be over before you know it. Regardless of how long it is going to take, you have to get headed in the right direction today.
-Do try again with another lender if you think that you were wrongly denied. Perhaps another institution will not be quite as rigid as the one you originally applied with; or, maybe another institution will have a different view on how you can go about getting approved. It doesn’t hurt to get a second opinion in this case unless you know for certain that getting your mortgage today is just a lost cause (because your credit score is way too low or you don’t have current employment, etc.).
Try some different options. Is there a relative that could co sign a loan for you? Maybe you just need a little bit of help getting the loan today; and, someone else’s name on the mortgage would do the trick. In some cases a property owner might be willing to rent to you until you are able to qualify for your mortgage. These cases are not common; but, they are possible with the right set of people/circumstances involved.
Don’t give up on the possibility of home ownership. Make sure that you know what you have to do to get that loan approval; so, when you go out house hunting, you will be successful in getting into your new home of choice. All the preparation work will eventually pay off!
Avg. Sales Price: $246,028
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