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Reasons For Last Minute Mortgage Loan Denials

Gustan Cho Associates

What Are The Top Reasons For Last Minute Mortgage Loan Denials

This BLOG On Reasons For Last Minute Mortgage Loan Denials Was Written By Matt Herbolich MBA JD LLM CMLP NMLS 1649154 Of The Gustan Cho Team at USA Mortgage

Have you recently been denied for a mortgage loan by a bank? Many mortgage borrowers do not realize why Reasons For Last Minute Mortgage Loan Denials are.

  • Getting denied to get a mortgage loan can be the most disappointing time of your life.
  • So you have been denied a mortgage loan?
  • Can you get a mortgage loan after being denied by a bank? The answer is Yes!
  • You can.
  • There are many reasons you have been denied a mortgage loan by a bank.

    • When you apply for a loan, a bank or lender will look at your income, including sources of income such as self-employment income, retirement income, social security income, disability income, or income from wages.
    • The lender will want to see that your income is stable and likely to continue.

    What Does Your Credit Look Like?

    In addition to income the lender will look at recurring monthly expenses such as those for car payments, credit cards, and student loans.

    • Your credit will be pulled and the lender will be looking for late payments, tax liens, collections, or judgments.
    • The lender will use your credit history to determine your payment history.
    • The lender will look at your credit score.

    Reasons For Being Denied Mortgage Loan

    There are many reasons why a lender will deny you for a mortgage loan. Sometimes you will get denied because your income is too low to qualify for a home loan.

    • Maybe your debt-to-income ratio is too high.
    • Your debt-to-income ratio shows a lender how much your debt is compared to your income.
    • A higher debt-to-income ratio can bar you from getting a mortgage loan.
    • You may have been denied because you filed bankruptcy, had a foreclosure or short sale, or have unpaid tax liens.

    What to Do if You have been Denied a Mortgage Loan

    Many traditional banks and lenders are very strict when it comes to approving mortgage loans.

    • While determining one’s ability to repay a mortgage loan should be thorough, many banks add additional requirements to approve you for a mortgage loan.
    • These requirements include higher credit scores, lower debt-to-income ratios, steady employment for two years, and are very strict when it comes to late or slow payments.

    Can You Get approved for a Mortgage Loan Even if You were Denied by a Bank?

    The question many people ask is can they ever get approved for a mortgage loan after being denied by a bank?

    • There are many ways to get approved for a mortgage loan even if you were recently denied.
    • A qualified mortgage expert that specifically deals with proving income and credit issues or bad credit can help you get approved for a mortgage loan even if you have been denied recently.

    About the Author:

Talk to a Mortgage Loan Specialist or Mortgage Broker to see how you can qualify for a home loan today.  Contact Arlene Disessa at 530.813.0661 or email her at adisessa@rhloans.com. Arlene Disessa is an Editor in Chief of California-loans.com, a mortgage and real estate information center. Arlene Disessa has worked with borrowers who have been denied mortgage loans due to employment gaps and can help you achieve your goals of home ownership. Real Estate Information Resource Center will explain the main Reasons For Last Minute Mortgage Loan Denials.

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The information contained on California-Loans.com website is for informational purposes only and is not an advertisement for products offered by The Caliornia Loans Team or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of California-Loans.com and do not reflect the policy of California Loans, its officers, subsidiaries, parent, or affiliates.

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