Was your mortgage application turned down?

By
Mortgage and Lending with Platinum Home Mortgage NMLS ID#283159

If at first you don't succeed with your mortgage application, apply, apply again. Just because your loan was turned down by one bank doesn't mean it will be turned down by all of them.

Today’s topic is about not giving up.

This is probably a good life rule in general, but it should definitely be applied to your mortgage transaction. The reason behind this is called "investor overlays." When your loan is being underwritten, it’s being compared to a set of standards that are specific to your loan type.

Those standards can and will vary from lender to lender.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Wayne Johnson 08/02/2014 01:39 AM
  2. Stephen L. Skakandy, CRS 08/02/2014 01:53 AM
Topic:
Home Buying
Location:
California Riverside County Temecula
Tags:
buying a home
first time home buyer loans
first time home buyer programs

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Rainmaker
1,183,845
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Greg, in this new scrutinized mortgage environment this is excellent advise for buyers to keep pushing ahead and not give up just because they've been turned down by one lender.

Jul 15, 2014 05:07 AM #1
Rainmaker
248,012
Greg Cook
Platinum Home Mortgage - Temecula, CA
Mortgage Consultant NMLS ID# 283159

Adrian, thanks for the comment.

You're right not all lenders are the same and many home buyers have left the market because one told them no.

Jul 15, 2014 06:13 AM #2
Rainmaker
729,919
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Greg-Good points so I rebloged. Some of my clients have had success using this approach.

Aug 02, 2014 03:59 AM #3
Rainmaker
248,012
Greg Cook
Platinum Home Mortgage - Temecula, CA
Mortgage Consultant NMLS ID# 283159

Wayne, thanks for the comment. We have turned around many denials because the consumer was willing to get a second opinion.

Aug 04, 2014 01:17 AM #4
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Rainmaker
248,012

Greg Cook

Mortgage Consultant NMLS ID# 283159
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