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what to do if you get turned down for a loan |
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What do I do if I get turned down for a real estate loan?
Since 2007 when the lending and real estate markets began to crumble it has been harder and harder for many people to get a real estate loan. Lending and underwriting guide lines have continued to tighten to the point that many applicants today are being turned down. Over the last few months increasing numbers of loan applicants are finding ways to buy their own home despite past credit problems with some lenders relaxing, to a degree, some of the guidelines. Ask the lender for a full explanation of why you were turned down and in many cases a lender will work with you to correct the problems so that within a few months to a year you could get an approval for a real estate loan.
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