Speak Your Piece: Never Give Up Daily Yonder
Just imagine for a moment: You live in a small town with just one bank. You’re an empty nester. You want to sell the home where you raised your kids and move into something easier to get around in, easier and less costly to maintain.
You’ve put a lot of work and money into your Victorian home. You really can’t afford to buy something new until you sell it. You list your property. The open house is a big success. Several local couples with young children seem really interested. But none of them makes an offer. You lower the price as much as you can. Any lower and you won’t have enough to pay off your mortgage and buy a new place. Still no offers. What is the problem?
It seems that the only long-term, fixed rate mortgage the bank offers requires buyers to put 20 percent down. None of the families who want your home has enough savings to qualify. There are Internet mortgage companies marketing more expensive and shorter term loans, some charging interest only. But remembering the great financial meltdown, your potential buyers shy away from these. You can’t blame them. You are stuck, and so are they.
Top 6 Reasons Mortgage Applications are Rejected
Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year.
Want to avoid falling into that number? It’s tough — especially in light of the fact that mortgage lenders have become increasingly restrictive in terms of their lending guidelines since the housing market crash.
Here, as a cautionary tale and primer on what to expect, are the top six reasons mortgage lenders reject applications.
Read the rest of Top 6 Reasons Mortgage Applications are Rejected » For more articles like this, please visit our Real Estate Investing Blog.
© 2011 by Marco Santarelli and Norada Real Estate Investments.
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