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Steps to take if your mortgage application has been denied

On Behalf of | Jun 8, 2018 | Mortgages |

Applying for a mortgage can be very stressful. You never know what issues could occur that might lead to your application being denied in Fort Lauderdale. It can be very difficult to buy a home without a mortgage unless you have plenty of money in accounts that can be used. Many people struggle to simply make the down payment. Here are the steps you can take after your mortgage application has been denied.

There really should not be any surprises when your mortgage application is denied. The reason for this is that the loan officer should provide you with a detailed explanation as to why the application was denied. You have a right to know why it was denied. The first thing you should do is inquire as to what happened and how it can be rectified. It could have been a simple mistake on one of the forms.

The next thing you must do is take a good look at your credit. Check the report for possible errors that could have affected your credit score. If you do find errors, such as an item that likely belongs to someone else and not you, it’s time to have the error fixed and the report repaired.

It’s possible that you had a good credit score but had a high debt-to-income ratio. This can easily derail your plans to buy a home. You might need to pay down your debt first before you can get approved for a mortgage in Florida.

Being notified that your mortgage application has been denied can be heartbreaking. You’ve worked so hard to finally buy a home in Florida and now you have to start over from the beginning.