So you applied for a mortgage, and… your loan application was denied. UGH.
Don’t stress! There is hope yet for aspiring homeowners just like you.
Here’s what you can do:
1️⃣ Find out why you were denied. Your loan officer should give you a definite answer as to why your application was turned down. Having this info will help you know what you need to do for next time.
2️⃣ Check your credit report. Pull your free credit report and make sure there aren’t any errors.
3️⃣ Pay down your debt. Most lenders want to see a debt-to-income of less than 43 percent. Do what you can to come in under that number by paying off credit cards, student loans, and car payments.
4️⃣ Shop around. If you were denied a conventional loan, talk with your realtor or mortgage advisor about other loan products that may work with your financial profile. Don’t be afraid to speak with multiple lenders.
If you’re looking to buy a home and have had trouble getting a loan, give me a call. I’d love to listen, encourage, connect you with my trusted lenders and get you back on the path to homeownership.
#homeowner #seattlerealestate #kaylynnkelleyre #homeloan
If you've been thinking about buying your next home and aren't sure where to start when it comes to buying & selling at the same time, this step-by-step guide is for you!