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What To Do When Your Iselin (New Jersey) Real Estate Loan is Declined
There are many reasons why a mortgage loan for your Iselin real estate could be declined.  It doesn't have to be the end of your real estate dreams.  Here are a few things to consider if you've been turned down for a mortgage:
Loan-To-Value RatioThe loan-to-value ratio (LTV) is the percentage of the appraised value of the Iselin real estate that you are trying to finance.  For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is seventy-five percent.
Lenders don't like a high LTV.  The higher the ratio, the harder it is to qualify for a mortgage.  To reduce the percentage, you can save up a bigger down payment.  Some lenders may approve the loan if you buy mortgage insurance, which protects the lender in the case of default, but makes your mortgage payment higher.
Credit To Debt RatioLenders will be less likely to approve your mortgage loan if you have a high credit to debt ratio.  The ratio is figured by dividing the amount of credit available to you, on a credit card or auto loan, and dividing it by how much you are currently using.
High debt loads ... more

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