Mortgage is the only option for many property buyers in real estate market to purchase their desired homes or other properties. You have found your dream home for which you have been waiting for long years with all the money you saved for your life time investment – DC Fawcett Reviews
But if the house has lot of amenities than you expect then it will be costly. Many buyers often contact the listing agent with the intention of purchasing a home but later on come to know that they need more money to buy the property. The only option to proceed on with the purchase is to apply for mortgage with the lending companies.
No worries! Many home buyers are in a same situation as they can’t be able to buy a house with full cash in hand. At such instances they apply for a mortgage loan with lending companies.
Denial of mortgage application
DC Fawcett complaints that mortgage loan denial is the most common problem faced by the buyers! Due to many reasons their application gets rejected by the mortgage companies. According to mortgage banker association every year about one third of the applications are turned down by the lending companies.
How to buy the home then? Relax! Got rejected for the first time! Try again! Here is the list of reasons and their remedies on how to face the mortgage loan denial.
Check whether the property’s appraisal is sufficient for the loan amount!
As per DC Fawcett reviews, many mortgage denials are due to insufficient appraisal of the property. But do not back off if one lender disagrees with your property appraisal. Always consult 2 or 3 lenders before applying for a loan and make sure that the appraisal is sufficient.
Depending upon the companies the appraisal rate varies slightly. You can ask for the review of appraisal with the same lender but it may not result in higher value. Instead you can approach another lender who valuates the property for higher appraisal value. Many a times, the loan gets approved with the second or third lender immediately.
DC Fawcett reviews on source of income
Down payment is necessary for mortgage loans. It is mandatory to pay up to 20% of buying price as the down payment. You have to show the record of consistent source of income in your bank account to lender. You have to be a potential earner and well employed to avail mortgage from the lender.
DC Fawcett complaints that credit issue is another major problem which delays or causes the entire rejection of mortgage loan approval. If your credit standing score is incredibly low then take necessary action to improve it. For example, you can pay your debts on credit cards if you have any and increase the points to certain level. It would take maximum of 2 or 3 months for this score to get impact on your mortgage loan approval.
Approach the small lender at desperate situation
Feeling low that everyone has rejected the loan application? Mortgage denied due to self employment? No worries! Instead of approaching the leading banks, switch over to community banks or small lender who will help you. Some community banks are flexible so that they can help you with the mortgage loan approval even if you are self employed.