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Bonded senior sat in the Lobby when their family was leaving them at deadly shelter

Getting rejected for a mortgage loan is upsetting especially if you are borrowing it for something important like a home loan. Therefore, before applying for one, make sure that you are qualified for it so that you do not end up being upset once your application is denied.

Here are the five main reasons why your application may be denied:

1. Poor Credit Rating and History

It is important that you go through your credit history before applying for a loan. You need to remember that before your lender approves your loan, they will go through your credit history. If they find out that you have any unpaid dues or late payments, your application will more likely be rejected.

2. Unemployment and Unstable Income

Unemployment and unstable income are reasons for rejected loan applications. If the lender finds out that you do not have a job and your income is not fixed, they will have doubts in lending you the amount you are borrowing because doing so will be risky. However, if you have collateral that sums up equally to the amount you are borrowing, you can use this to avail of the loan.

Therefore, if you want your loan to be approved, make sure that you include a proof of income or a certificate of employment to serves as proofs that you have sources to pay for your loan.

3. Having Outstanding Debts

If you have outstanding debts that you have not yet paid, it will be harder for you to get a loan. Your lender will ask you why you have outstanding debts and if you do not know what to answer, the result will be an upset. Lenders make sure that they deal with good borrowers and good payers. That is why you need to settle all your obligations before applying for a mortgage loan. This includes car expenses, unpaid credit card bills and other types of loans.

4. Inability to Pay Down Payment Required

Applying for a loan means that you have to pay an initial amount called a down payment. If you cannot pay for this sum, the lender will assume that you will not be able to pay for your monthly or annual obligations as well. Make sure that you can also show proof that you will be able to meet the requirements of your application.

5. Exceeding the Lending Limit

If you are applying for an FHA loan, you need to know the lending limit depending on the state you live in. If you already applied for the same loan and you already exceeded the credit limit, you application will be rejected.

Going through these five main reasons why your application may be denied is important before applying for a mortgage loan. If you think that you are not qualified because of one reason or two, ask your broker about alternatives that you can do. Collateral is one way to avail of a mortgage loan despite being in the above situations because your broker knows that they have something to get from you once you will not able to settle your dues.

The author helps people when it comes to getting SA home loans.

Sweet JACKSON and TRAVIS were so good as they sat in the Lobby when their family was leaving them. They had no idea what was happening but their busy family said goodbye and now they need help. The Chances of them making it out together are very slim.

πŸ”₯πŸ†˜ URGENT Euthanasia Listed πŸ†˜πŸ”₯
TRAVIS - 19-13053
Pitbull Mix | Adult | Male |Medium
19-13053 is a brown/white, male adult dog, that weighs approximately 55 lbs. He was impounded on 1/12/2019 from the City of Paramount.
Available for adoption holds on 1/12/2019. Adoption holds must be placed in person. Adoption availability date 1/17/2019.

πŸ”₯πŸ†˜ URGENT Euthanasia Listed πŸ†˜πŸ”₯
JACKSON - 19-12324 πŸ”΄πŸ”΄CODE RED - MUST EXIT right ear hematoma, ear infection, dermal masses on ventrum 01/18/19πŸ”΄πŸ”΄
Pitbull | Adult | Male | Medium
19-12324 is a brown/white, male adult dog, that weighs approximately 68 lbs. He was impounded on 12/29/2018 from the City of South Gate.
Available for adoption holds on 12/29/2018. Adoption holds must be placed in person. Adoption availability date 1/3/2019.

Southeast Area Animal Control Authority)
Phone: (562) 803-3301 OPTION 6 FOR FRONT DESK
9777 Seaaca Street,
Downey, CA 90241

STATUS : - read comment for update from crossposter
It is a relief to know that people interested in refinancing their home mortgage can do so with bad credit. Mortgage refinance loans operate very similarly to principle mortgage loans. This means that there are ways to receive a refinance loan with bad credit through certain lenders who specialize in such business. However, it is important to know what choices you have before you even begin searching for a mortgage refinance loan with bad credit.

Refinance Loans: A Definition

There are two primary reasons that people choose to refinance their mortgages. First, they may want to get a better interest rate. Second, they may need to use their home's value to get cash.

When you took out the initial loan for your home mortgage it is likely that you borrowed a lot of money. If you had bad credit at the time, the conditions of that loan may have been less than favorable. Now, with interest rates at record lows, the opportunity to refinance that loan for a lower interest rate is really appealing to many homeowners, which leads them to refinance. However, the actual state of your credit will come into play here since really bad credit scores are not likely to lead to more favorable interest rates.

Additionally, many people choose to refinance their home loans for the purpose of extracting equity, by way of cash, from the value of their home. As long as you have been paying off your original home loan for a long enough period of time to acquire at least 20-25% equity in your home, this is a possibility. Your refinance loan will repay the remaining value of your current mortgage plus the amount of cash you need. These types of refinance loans can be used to fund anything from home repairs to college educations and are also called secured loans.

Why Credit Is Important

When looking to refinance your home mortgage, you are, once again, asking lenders for a very large loan. Remember that the money you are asking for needs to equal payments the same as or less than your current mortgage payment or else you will be taxing your budget even further. No matter the reasons for your refinance, you will need to know your credit score and understand the penalties that can befall you should you have bad credit.

Mortgage refinance loans rely on credit as much as home loans. However, since there is no need for a down payment here, your history as a borrower plays a larger role in the determination of your loan terms. Therefore, the actual number of your credit score will be important. Though you can find a refinance loan with bad credit, the terms of that loan may not be as good as the current loan you have on your home, especially if you got that initial loan when your credit score was higher.

Finding the Right Lender to Refinance

Generally, most traditional lenders will not wish to refinance your home loan if you have bad credit. That is because, even though you already have a home loan that you are paying off, you present a risk to the lender as a result of your credit score. There are programs, however, designed to get people better lending deals if their initial home loan was an adjustable rate mortgage given during the housing boom. In these cases, you should likely consult a debt counselor or other financial professional before moving forward with your loan.

For other instances, online lenders provide an excellent outlet for those with bad credit looking to refinance their home loan. However, it is important to remember that mortgage refinance loans are no different than any other loan. If you have bad credit, it is absolutely critical that you get several quotes from several reputable lenders before making a choice.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit.