One of the things we do here at 1 Stop Lending is to take a complete look at your financial situation so that we can either advise you on how you might make your mortgage application more attractive to lenders or match you to the lender that’s perfect for you.
That’s why we tell you we can generally help you close in 14 days or less. When you work with someone who can quickly and efficiently match you to the right lender, then getting approved is a lot easier.
Thus, when you work with us your mortgage is far less likely to get denied.
But it does happen. And it might have happened to you already, before you discovered 1 Stop. Here are your next steps.
Talk to Your Local Mortgage Broker
Often we are able to help our customers quickly pinpoint how they can fix issues with their application. Sometimes this means improving the Debt to Income ratio, or targeting a different loan. It might mean explaining unexplained deposits.
If you tried to apply all on your own, it could mean that we need to shop for a lender that’s a better match for your needs. Shopping around makes a huge difference, and our service lets you do it all at once, with a broker who knows the preferences and programs offered by all the lenders we work with.
Regroup and Address
There is no issue that can’t be fixed. There are ways to improve your credit score fast. Paying down a credit card is a good way to reduce credit usage, which can shoot your score up a great deal.
If you haven’t been in your job long enough, sometimes underwriters will take two years of history in the same career field, or industry. Sometimes there’s nothing for it but to work the job you have for a little longer.
If the house itself was the issue…the lender didn’t like the appraisal, for example…then you can continue the house hunt.
Know When to Reapply
The point that you’ll want to reapply will depend on what the problem was. If it was the length of time at your job then you can apply as soon as you’ve been there a little longer. If it was your debt-to-income ratio you can apply as soon as you’ve paid down enough debt to get it within the loan limits lenders want to see.
There’s no hard and fast rule, but it’s not a determination you have to make on your own. If it’s better to wait and make some strategic moves, we’ll give you that advice. You can pull together a timeline and an action plan, so that you’ll be positioned for success the next time you apply for a home loan.
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