Mortgage Rejection: How To Reduce Your Chance of Refusal

mortgage rejection

Your home loan application was denied. These words sound unforgiving, however they don’t generally mean you can’t get a home loan. About 1 in 2 applications for a home loan gets rejected by lenders according to the Mortgage Bankers Association or about 30 percent of mortgage applications for new purchases. Regardless of the tight lending condition, borrowers shouldn’t generally take “no” for an answer. At times, they simply need to apply with a different lender or find a way to improve their credit. Once denied, find out exactly why the lender turned you down. By…

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