Sacramento Mortgage Broker on Dealing with Rejected Loan Applications

"Just as with doctors, you can also get a second opinion on your mortgage application. While all lenders must underwrite loans in accordance with Fannie Mae and Freddie Mac guidelines, many also have additional, stricter conditions on top of these. If one lender rejects your request, Sacramento mortgage brokers may also try talking to other creditors who may have less stringent criterions for approval. Bide Your Time If you keep getting rejected, you may not be financially ready yet to own a home. Fortunately, lenders who deny a mortgage are required by law to send a written explanation to the applicant within 30 days. Take this note to heart and study the reasons underlined in it. Improve your credit rating, reduce your debt-to-income ratio, and save up for a sizeable down payment. You might have to hold off on your dream for a while, but with hard work, you can eventually make it come to fruition. "
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