Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Were You Rejected for a Mortgage?

You have decided that it is time to get out of the apartment, and you’ve started looking at homes that you THINK will fit in your budget. Before you even see the inside of any of the homes, your Real Estate Professional recommends that you get pre-approved for a home loan. Huh? O.K. So you call your bank or a mortgage broker that you know and you submit your application. After a few days you are sure that they will approve you, and then you get the call. I’m sorry Mr. & Mrs. Smith but we cannot approve you for a loan at this time. Your heart sinks into your stomach.
I’m sure that either this has happened to you OR you know someone this has happened to. Do not take the first NO with a grain of salt. Get a 2nd opinion! There might be something that just needs correcting, or the other mortgage company might have easier qualifications. Many people don’t want to get a 2nd opinion because they think the inquiries will lower their credit score. As long as the inquiries are within a certain time frame, usually 2 weeks, they will count as just 1 inquiry.
If ... more

__________________________________________________
Are you on The Rain? Grow Your Network!