Have you been turned down for a mortgage?
Hearing the word no when you apply for a mortgage can certainly be discouraging. But the word NO doesn’t have to mean NEVER!
There are various reasons that financing would be denied. Here are a few common reasons.
- Your credit score isn’t high enough
You cannot undo the past but you can certainly begin today to build the credit you need. There are ways you can manage your credit to get the most impact.
- You have too much debt to qualify for the house you want
Review all of your monthly debt. Take a strategic approach when determining which debt to pay off or pay down.
- You have no credit history
A lender determines if you are a good credit risk by evaluating your past credit history. They want to know if you are likely to pay back the debt as well as if you area able to pay back the debt. You will need to establish credit.
If any of these apply to you don’t be discouraged.
Start today; call us to review your specific situation. We will help you determine next steps and set realistic time frames and specific goals.
Turn that NO into YES
Written By: Marsha Walker & Dakotah Aro