The Mortgage Moment Blog

Turned Down For A Mortgage, Now What?

Turned Down For A Mortgage, Now What?

 

 

Getting Past No: What to Do If You're Turned Down for a Mortgage or Other Home FinancingGetting pre-approved for a mortgage loan is an integral part of having the ability to purchase a home in today’s society.

With most home prices well above what the majority of us have in the bank, getting approved for a mortgage can be the deal maker or breaker when it comes to purchasing a piece of property. Therefore, getting rejected for a mortgage can feel like a huge loss.

The first thing to realize, however, is that there are action steps you can take to get to “yes.” Here’s what to do if you’re turned down for a mortgage or other home financing.

Shop Around: Don’t Take “No” The First Time

If you get a “no” from your bank the first time around, don’t be fooled into thinking that everyone will give you the same answer.

Instead, be sure to shop around your mortgage with different banks, and opt to speak to a mortgage broker to leverage all of your options.

When looking at several different lenders, you’ll have a much higher chance of getting a yes since every lender adheres to different rules and restrictions. Though you may end up with a mortgage with a slightly higher interest rate, you’re likely to get approved for a mortgage or other home financing.  The Mark Taylor Team has access to many products that other lenders don't. 

Ask Friends: Get A Co-Signer

If your “no” was the result of bad credit history or a low credit score, perhaps you should consider asking for the help of friends and family. Sometimes bringing a co-signer in on the deal who has better credit history and a higher credit score will change the response of your bank or lender significantly, and suddenly you’ll find yourself hearing the sought-after “y” word.

Ask Questions: Fix The Problem

If you’ve sought out several different banks and lenders, and still find yourself with rejected mortgage applications, be sure to understand why the “no” came in the first place. If it’s an issue of your credit history, which can’t be appeased with a co-signer, you may need to put in the time in order to correct some of your credit issues.

Other common reasons why people are rejected for a mortgage include unrealistic borrowing expectations, i.e. applying for a mortgage that is too high for you to satisfy, as well as an unreliable employment history or a general lack of credit history. Speak with your mortgage professional to determine the reason, and if shopping around or bringing in a co-signor doesn’t transform the “no” to a “yes,” seek to fix the problem instead.

Though it can be a daunting task to apply for a mortgage after you’ve been rejected, ensuring that you arrive at that ultimate “yes” is something you need to undertake in order to purchase a home and reach that next milestone in your life.

Having trusted professionals on your side is something that will surely ease the tension on all things involved in purchasing a home, including getting approved for a mortgage. For more information on how to get past “no” when searching for a home, call your trusted mortgage professional today.  Please call us today at 602.361.0707 or reach us by email at mark@awesomerates.com

Thanks for taking the time to read, comment and re-post today's blog on:

Turned Down For A Mortgage, Now What?

#marktaylor #awesomerates #arizonamortgage

 

 

Check out my Arizona Mortgage AwesomeRates ActiveRain Profile Become a Fan of Arizona Mortgage AwesomeRates on Facebook Arizona Mortgage Awesomerates Mark Taylor on Pinterest Follow Arizona Mortgage AwesomeRates on Twitter Check out my Arizona Mortgage AwesomeRates YouTube Video Channel     View my Arizona Mortgage AwesomeRates Linkedin Business Profile

Mark Taylor | Arizona Home Loans | Blarming | Will You Listen to Me | Arizona Short Sales | Arizona Foreclosures | Arizona FHA Loans | Arizona USDA Loans | Arizona HUD Homes | Ariona VA Loans | Fix My Broken Credit | Arizona Mortgage | AZ Short Sale Help

Mark Taylor 14350 North 87th Street, Scottsdale, AZ  85260 (602) 361-0707

Mark Taylor FHA, VA, USDA, HUD, Conventional, Jumbo and Investor Mortgage loans in Arizona and California.

Arizona Mortgage. Get a Home Loan quick and easy with The Mark Taylor Team! Home Purchases, Refinance, Short Sales, Foreclosures & More. We are the Arizona Mortgage experts #awesomerates #marktaylor #arizonamortgage #lightningloans

mark taylor


Comment balloon 1 commentMark Taylor Mortgages • May 20 2014 08:58AM
Turned Down For A Mortgage, Now What?
share
Turned Down For A Mortgage, Now What? Getting pre-approved for a mortgage loan is an integral part of having the ability to purchase a home in today’s society. With most home prices well above what the majority of us… more
Getting The Most Out Of Your Appraisal
share
Getting The Most Out Of Your Appraisal A home appraisal is an independent opinion of your home’s value, performed by a licensed home appraiser. Appraisals are part of the traditional home purchase process, and lenders require… more
Mortgage Mistakes You Don’t Want To Make
share
Mortgage Mistakes You Don’t Want To Make Are you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of… more
Is HARP 3. 0 On The Horizon?
share
Is HARP 3. 0 On The Horizon? As economic influences affect the housing market in the United States, there has been the introduction and development of programs to assist with the downturn. During… more
Mortgage News For The Week Of May 12, 2014
share
Mortgage News For The Week Of May 12, 2014 Results from a Federal Reserve survey of senior bank loan officers indicated that lenders have held the line on prime lending standards and have raised standards for sub-prime and… more
Let's Talk Credit Score
share
Let's Talk Credit Score Over the course of a lifetime, financial development can lead to some wonderful opportunities. A person’s financial development and state of affairs is something that is particularly important when it… more
How Soon Can I Buy Again After A Short Sale?
share
How Soon Can I Buy Again After A Short Sale? The last few years have been financially difficult for millions of homeowners, with job losses and decline in home values devastating families all over the US. As a result, a great… more
Mortgage News For The Week Of May 5, 2014
share
Mortgage News For The Week Of May 5, 2014 Last week’s economic news included several reports related to housing and mortgages. The National Association of Realtors started the week on a positive note with its Pending Home… more
Paint Colors That Will Affect Your Mood.. What Color Will You Pick?
share
Paint Colors That Will Affect Your Mood.. What Color Will You Pick? Believe it or not, paint colors can affect your mood. When remodeling your home, the color you use on the walls can end up being just as… more
Retail Sales Are On The Rise
share
Retail Sales Are On The Rise The FOMC of the Federal Reserve released its customary statement after its meeting concluded April 30. FOMC members said that the economy is improving after a winter… more