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Steps To Take If Your Mortgage Application Is Declined

If your application for a mortgage has been denied, the first thing you need to do is find out the reason why it was denied, the period you need to wait before applying again, and the things you need to make sure of to prevent the decline from happening again. The most common reasons for the decline of a mortgage are listed below.

Low credit scores
When you apply for a loan, lenders look at your credit scores. They want to see a proof of a good credit history that shows you have successfully paid the required amount every time you have taken a loan.

If it is a case of bad credit, you will be given a notice of adverse action with reasons behind it. The notice will also inform you about how to view your credit reports.

Credit report
Lenders will also want to make sure that you earn enough to make their payments on time. The usual ways to do this is by calculating your debt to income ratio. This is done by comparing how much you earn each month and how much you put into debt repayments.

Before applying again make sure you’ve read your credit report thoroughly and there are no errors in it. Also, make sure to pay off other debts. Too many debts could decrease the chance of you getting another mortgage.

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What you can do (Short-term strategies )

Pay higher down payment: The higher the down payment, the more you increase your chances of getting the loan approved. If you pay off a big chunk of the down payment, lenders would be willing to forgive an imperfect credit score.
Get a cosigner: If your income and credit weren’t sufficient to get a home loan, you can choose to add another person as a co-signer or a joint debt holder, considering they have a better income and credit than you have. But if you fail to pay your loan, your co-signer will be liable for the balance. So, make sure the person knows what they’re getting into.
Choose another lender: If you think the lender is at fault and not you, you can go and try somewhere else.

What you can do (Long-term strategies)

Build credit : If you manage to build a strong credit history, you can borrow better in the future. For a good credit with better interest rates, you need to make payments on time.
Don’t be left behind: If you’re lagging in your payments, you need to start making payments on time. You need to do this to improve your credit history. If you can, it is best to pay off 100% of what you owe to get approval for another loan.
Focus on one goal at a time: If you’re choosing a loan to buy a home, you should put your other goals on hold and entirely focus on paying the mortgage. First, you need to get the loan and then you need to figure out how to pay it back. Once all this is done, you can afford to focus on other goals.

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