What can I do if I have been turned down for a mortgage request?

There are numerous reasons why an applicant may be denied for a mortgage loan request.  The first step is to determine the primary reason or reasons for denial.  A denial notice is required to be sent by the bank or lender to the applicant.  After reviewing the denial form, discuss the matter with the bank or lender to see what remedial action you may take to rectify the issue.  If the problem lies in the numbers such as income, debt payments or down payment it may behoove the applicant to experiment with the mortgage payment calculator and mortgage qualification calculator to see how changing these figures may result in ratios more satisfactory to the lender.  If credit is an issue, be sure to obtain a copy of your credit report to check for errors or fix the problems that are easiest to resolve.

This entry was posted on Wednesday, December 10th, 2008 at 10:23 pm and is filed under Mortgage FAQs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.