Learn Why Your Mortgage Application Was Turned Down

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Can I find out why my mortgage loan application was turned down?

Learn Why Your Mortgage Application Was Turned Down

If your mortgage is denied, or you get a higher mortgage rate than you applied for, find out why. It is your right to know whether your mortgage application was accepted within 30 days of turning in the completed form.

When an application is rejected, the lender must tell you why in a written statement. A lender or mortgage broker can say that your income is too low, your credit history is bad, or you have not held a job long enough. All those reasons are valid. When loans are accepted but for higher-than-expected mortgage interest rates, the lender needs to tell you why.

   

Comments

3/6/2007 6:34:45 AM
CH said:

Easy to say....I cannot get a reason in writing, beginning to think it was never submitted in the first place and I paid out $600 for an appraisal upfront that they required me to do.




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