If you’re currently looking for a mortgage loan to buy your dream home, you must have already known that you need good strategies. Most mortgage-related websites suggest things like getting a cosigner, waiting for the perfect time to apply, and finding less expensive options. However, there are many other things that you can do to have your mortgage approved. So if you have tried all of the things mentioned earlier but you still unable to get a mortgage, you can try to do the following steps:
1. Asking for an Exception from the Lender
It may sound odd, but you can actually try to ask for an exception from the lender. When your mortgage loan application is rejected, you can ask the lender to reconsider it. You can ask to talk to someone else in the company to get a second opinion. However, you need a very good reason to ask for an exception. You also need a good credit history to be able to get an exception. You should write your reason in a carefully worded letter that focus only on the facts. Remember that you should avoid writing sob stories and excuses because those will not do any good. In most cases, asking for an exception works for people who are unable to get a mortgage because they had gone through terrible one-time events such as natural disaster, unexpected medical expense, or divorce.
2. Trying another Lender
When a lender turned your mortgage loan application down, you can always try another lender. Being rejected by one lender does not mean that any other lenders will also reject you. However, when you have tried to approach several lenders and all of them rejected your mortgage loan application for the same reason, you definitely need to do something about your current financial situation.
Even if none of the lenders that you approached approve your mortgage, you must avoid dealing with loan sharks. Mortgage loans are reasonable loans, but loans from loan sharks are not. Rather than getting a loan from loan shark, it is better for you to wait until your financial situation gets better.
3. Teaming Up with a Family Member or a Friend
If your income does not qualify for a mortgage loan, you can team up with a family member or a close friend. Teaming up to get a mortgage loan is similar, but different from getting a cosigner. When you team up with someone else to get a mortgage loan, both of you have the same responsibility towards it. Make sure that the person that you are going to team up with has more or at least the same amount of income so that you can have a better chance of getting approved.
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