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It may be difficult to qualify for a home mortgage loan. As a buyer, you may find the perfect home, but finding the perfect financing might become elusive. After you complete the application process, your lender may turn you down, which is an upsetting development for any prospective homebuyer. What can be done to remedy such a setback?
The answer depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your real estate agent to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too.
While loan rejections are disappointing, they can be resolved.
Len Mailloux Better Homes and Gardens Real Estate III 500 Faulconer Dr. Charlottesville, VA. 22903 Office : 434-984-7404 Cell: 434-981-1972 Fax: 434-984-7489 Email: lenmailloux@NUMBER1EXPERT.com
Len Mailloux is one of America's NUMBER1EXPERTS� He has been named by Unique Homes magazine as one of the top real estate professionals in the country. Len's reputation for matching people with properties, exceptional marketing and advertising strategies, knowledge of the market and love of the area are qualities upon which his clients rely. Just call or contact him by e-mail today!
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