So you’ve found the house of your dreams. The price is right, the buyer accepts your offer and your lender has already prequalified you for a mortgage of that size. So you submit your paperwork, the lender takes it under consideration and then after a few weeks – rejects the sale.
So what happened? Getting that close to a sale, only to have it rejected by the lender, can feel like a punch in the gut. But it’s an increasingly common occurrence these days, as lenders take a more conservative approach to home loans and cast a wary eye on properties that they fear might not be up to snuff.
If your loan application for a home purchase is rejected after everything appeared to be in order, it could be due to any of several reasons. The bank may have decided that you’re a bigger credit risk than they initially thought. But another reason, one that’s becoming more common these days, is that they may have found some reason to be wary of the appraisal and the home itself.
So what can you do if the lender just doesn’t think the house will support the mortgage you’re seeking? Well, the first thing you should do is think again – if the bank is wary of this property, is it a home you really want to own? You can also order another appraisal, to see if it will support the first and hopefully persuade the bank to reconsider. Or, if it comes in lower, the seller might be persuading to lower the price.
Center State Mortgage has your back for getting your loan approved and with the lowest interest rates in Staten Island and New Jersey! Their experience in the business helps you get the loan to get the home of your dreams. Choose Center State Mortgage for all your home loan needs!
So what happened? Getting that close to a sale, only to have it rejected by the lender, can feel like a punch in the gut. But it’s an increasingly common occurrence these days, as lenders take a more conservative approach to home loans and cast a wary eye on properties that they fear might not be up to snuff.
If your loan application for a home purchase is rejected after everything appeared to be in order, it could be due to any of several reasons. The bank may have decided that you’re a bigger credit risk than they initially thought. But another reason, one that’s becoming more common these days, is that they may have found some reason to be wary of the appraisal and the home itself.
So what can you do if the lender just doesn’t think the house will support the mortgage you’re seeking? Well, the first thing you should do is think again – if the bank is wary of this property, is it a home you really want to own? You can also order another appraisal, to see if it will support the first and hopefully persuade the bank to reconsider. Or, if it comes in lower, the seller might be persuading to lower the price.
Center State Mortgage has your back for getting your loan approved and with the lowest interest rates in Staten Island and New Jersey! Their experience in the business helps you get the loan to get the home of your dreams. Choose Center State Mortgage for all your home loan needs!
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