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| What to Do if Your Mortgage Application is Rejected |
A re-assuring look at six steps to take if your mortgage application is rejected. If your application has been denied: try to find a cosigner if your income isn't high enough, wait out the economy while improving your credit rating and score, look for a less-expensive home, ask the lender for an exception, try another mortgage lender and consider purchasing the home with another person.
From the resource about looking to another mortgage lender: "Be careful to avoid loan sharks, too. Remember, you don't want just any loan, you want a reasonable loan. One major potential benefit of homeownership is the financial security it can bring, but if you get a bad loan, that aspect of homeownership disappears." |
| Source: Investopedia |
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