Have you recently been denied for a mortgage loan by a bank? 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.
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.
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.
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.
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.
Bob Vogel is a licensed mortgage loan officer specializing in bad credit loans, loans for self-employed borrowers, and any other issues which may be preventing you from getting a mortgage loan. Bob Vogel is available 7 days a week, even holidays, to answer any questions you may have. You can email Bob at firstname.lastname@example.org or call her directly at 888-900-1020. You can also text her and she will answer you promptly.