When "NO" Doesn't Mean "NO" ... or at Least Not Forever
Do I have you thoroughly confused with my title? If so, let me explain ...
So many of my potential Mortgage Applicants mention thestatistics reported regarding their chances of successfully obtaining financing for a home purchase. Add what's heard regarding today's actual Mortgage process (which is portrayed as pretty bad too) ... and I can find myself in front of some pretty scared people. Especially true, if they're First-Time Home Buyers.
It's hard to deny that the current process for obtaining Mortgage financing can be challenging. I've addressed this fact many times in prior posts. In those post I've firmly stated what I also believe to be a fact ... that WHO you choose to work with while pursuing your financing makes a world of difference in the outcome you find.
Simply: If you, as a hopeful Home Buyer, don't take the time to do your homework ... or make the effort to find and work with an experienced and knowledgeable Mortgage Lender, you do yourself a huge disservice and severely lower the chances of your finding success. At minimum, you end-up having fewer financing options and higher financing costs.
But let's say that you did what I recommend above and you still received a "NO" on your Mortgage Application. What then?
This is where I say "NO" doesn't have to mean "NO" .. or at least mean "NO" forever ...
I've referred to the Mortgage process as a "recipe" of sorts in the past. It's definitely true. Specific Mortgage programs often have specific requirements. That means as your Lender, I must supply specific information or "ingredients" to Underwriters to secure the perfect "recipe" for Mortgage Approval regarding that Mortgage program.
Should we receive a "NO" regarding that specific Mortgage program, it doesn't mean that we can't try another financing option for you. A "NO" doesn't have to mean "NO" for every option you have at your disposal.
Again, this is where your choice of Mortgage Lender comes into play. If you've chosen your Mortgage Lender wisely, you are more likely to have a menu of financing options available to you ... and their experience and exposure to challenging scenarios will greatly expand your opportunities and chances for success.
But okay, let's talk worst-case scenario. You and I worked through every option you have available to you to this point and we're still receiving that "NO". It can happen. And yes, it can mean that for the time-being you've hit a dead-end.
As your Mortgage Lender, I'll assess and then relate to you my advice as to how to best proceed. If I'm aware of other opportunities and options that exist for you elsewhere, I'll tell you that. If credit issues are the problem and we need to work on them, we'll tackle that together. If there are appraisal or home inspection issues, we'll tackle that too when and where we can. In other words, we'll leave no stone unturned in order to turn that "NO" of today into a "YES" as quickly as possible.
So it's true. Not every "NO" is created equal. There are those times When a "NO" Doesn't Mean "NO" ... or at Least Not Forever ...
Much of thatis dictated by the choices you make as the future Home Buyer and Mortgage Applicant. So take control. Make wise choices. And don't take "NO" for an answer! Explore, discuss, and review all your options ...