DIDN’T GET APPROVED FOR A LOAN? DIDN’T GET APPROVED FOR A LOAN?
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Danon Burnside HOW CAN A REALTOR HELP YOU? LOW CREDIT SCORES. Remember, when you get denied a loan due to low credit scores, it doesn’t o one likes to be certainly mean you have low credit reports. Sometimes there may be errors in told “no.” Rejection your credit reports that led to a low credit score. A study 2013 federal Trade hurts. And having Commission survey revealed that one in four Americans said that they spotted your application for a loan errors on their credit reports. declined is particularly A realtor can help you to easily identify any errors on your credit reports. In devastating, because it throws your entire dream case of any errors on your credit reports, it would take about 30 days or more to get them removed. However, there’s a way around this. If you let your lender of homeownership into take care of the legwork, it would take fewer days to get the error removed. And doubt. Still, just because since realtors are very conversant on such issues, they can connect you with one lender rejects your good lenders who can take over the process for you. loan application doesn’t mean you’ll never be able “Lenders are able to do what’s known as a rapid rescore, which can get errors to buy a home. So, if you removed within five to seven business days,” says Richard Redmond, mortgage didn’t get approved for a broker at All California Mortgage in Larkspur and author of ‘Mortgages: The loan, its recommended that you talk your realtor. Insider’s Guide.’
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Realtors can help you in ways you can’t imagine.
There are numerous apparent reasons why one may not get approved for a mortgage. Some of them include: low credit scores, high debt-toincome ratio, insufficient down payment, and a recent change in one’s financial situation such as loss of job.
HIGH DEBT-TO-INCOME RATIO. When you get denied a loan because of your debt-to-income ratio, do not give up. That just means that you income from your income-generating streams isn’t high enough to settle your debts. However, you should remember that debt-toincome ratio varies across different lenders. “It’s very common to be turned down by one lender and then be able to get approved by several others,” says Redmond. “Different lenders have different debt-to-income requirements.” This means that you can try another lender. But you can take your chances and approach any lender. To avoid wasting more time, this is where you need your realtor. Realtors are conversant with these lenders and they know their terms and conditions to go get approved for a mortgage. Therefore, a realtor is your best chance of getting to a lender who will accept your debt-to-income ratio. When you don’t get preapproved for a loan various reasons, do not give up since that’s not the end of it. Consult your realtor and they may know a thing or two on how to get around it.
Work cited. https://www.thebalance.com/should-you-talk-to-a-lender-first-or-a-real-estate-agent-1798260
