So the Lender Rejects Your House

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!

Avoid Mortgage Pitfalls

Mortgage rates are low, low, low right now - close to all-time minimums. But those low rates can still cost you an awful lot of money if you're not careful to avoid some of the serious mistakes people make on home loans when buying a home or refinancing.

Not shopping around

Surprisingly, one of the biggest mistakes people make is failing to shop around when getting a mortgage. Shopping around means more than just looking online or in the paper for the lender advertising the best rate - you have to get down to the nitty gritty and compare details

Not checking your credit report

Before getting a mortgage, you definitely want to order copies of your credit report from the three major credit reporting companies - Transunion, Equifax and Experion - you're entitled to a free report once a year from each. You may discover errors or something straightforward you can do to quickly boost your credit, like reducing the balance on a credit card.

Borrowing too much money

This can affect both home buyers and those refinancing a current mortgage - the first group buys too much home, the second takes too much cash out of their home equity. In both cases, you're borrowing money you'll have to pay back through your monthly mortgage payments. Too many people don't take a close look at their finances and determine what they can really afford.

Center State Mortgage is always there for you with the lowest interest rates in Staten Island and New Jersey! They haver professionals who know the ins and outs of successfully getting the mortgage you need! Choose Center State Mortgage for all your home loan needs!

Don't Forget Maintenance Costs

How much will you need to spend on home maintenance? It's a crucial thing to know when figuring out what you can afford when taking out a mortgage to buy a house, but one that many potential homeowners pay shockingly little attention to.

Too many homeowners take a casual approach to budgeting for home repairs, figuring they can tighten their belts when occasional expenses like replacing the dishwasher pop up or borrowing for major expenses like replacing the roof or septic field. But that can lead to disaster, particularly in today's credit markets, when you can no longer count on simply tapping a home equity loan to cover major repairs.

These days, you want to be sure you can cover at least part of the cost of a major repair yourself, to improve your chances of being able to borrow the balance to cover a major repair. Other credit options, including borrowing against a credit card, may still be available, but are going to be much more costly than a few years ago, particularly if you take longer than a year to pay them off.

Center State Mortgage is your #1 source for mortgage services in the Staten Island and New Jersey areas! They have all the mrotgage tools and experience you will need to make sure the loan process is fast and easy! Choose Center State Morgage for all your home loan needs!