Tips to land a mortgage [Video]
Posted on Sunday, November 13, 2016 at 2:21:40 PM
Getting denied on a mortgage for your dream home is one of the toughest pills to swallow. Unfortunately, this is an experience that many Americans have had throughout the past few decades, but you do not need to give up after that first failure.
Newsday, citing data from the Consumer Financial Protection Bureau, recently stated that an estimated 40 percent of applicants get denied on their attempt at landing a mortgage, but that a few steps can boost the chances of approval the next time around. For example, the news provider explained that homeowners should always test the waters before looking for a home, discussing their mortgage options beforehand, and always having an accurate view of their credit scores before going to the bank.
Furthermore, the source affirmed that the denial letter will contain useful information regarding why the bank chose to turn you down, and you should take steps to correct the issues before you apply again.
Always consider working with a local, community bank to discover the full spectrum of options available to you with respect to mortgages and residential financing programs.