{"teamId":"1230000531","campaignId":"2586","seriesId":"82117","from_email":"","email_subject":"Have you been denied by the bank? A must-read.","attachment":"","email_message":"\r\n\t\r\n\t\t\r\n
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\r\n\t\t\t\t<\/i>\r\n\t\t\t<\/div>\r\n\t\t\t
\r\n\tHey {first_name},
\r\n\t <\/div>\r\n
\r\n\tIf you've had issues getting a mortgage approval this year, you are not alone.
\r\n\t <\/div>\r\n
\r\n\tSometimes even those with excellent credit ratings and significant deposits are<\/div>\r\n
\r\n\tturned away.
\r\n\t <\/div>\r\n
\r\n\tThere are a multitude of reasons why your application may have been denied by<\/div>\r\n
\r\n\tthe bank. Likely, no one reason alone was a contributing factor.
\r\n\t <\/div>\r\n
\r\n\tLuckily, there's still more you can do try and obtain your dream home.
\r\n\t <\/div>\r\n
\r\n\tRead further to learn why your application may have been rejected, and helpful tips<\/div>\r\n
\r\n\tyou can do to resolve.
\r\n\t <\/div>\r\n
\r\n\tWhy your application for a mortgage may have been rejected<\/u>
\r\n\t <\/div>\r\n
    \r\n\t
  • \r\n\t\t Your income<\/strong><\/li>\r\n<\/ul>\r\n
    \r\n\tLenders want to ensure you can afford the monthly mortgage payments well<\/div>\r\n
    \r\n\tinto the future. If you cannot prove significant income over a 2-year period<\/div>\r\n
    \r\n\tthat meets their requirements, you may be denied. Steady and secure<\/div>\r\n
    \r\n\tincome can provide proof that you make enough money to cover the<\/div>\r\n
    \r\n\tmortgage now and forthcoming.
    \r\n\t <\/div>\r\n
      \r\n\t
    • \r\n\t\tYour down payment<\/strong><\/li>\r\n<\/ul>\r\n
      \r\n\tThe amount of down payment you've saved will be a big part of your<\/div>\r\n
      \r\n\tmortgage approval success. The more down payment you have, the better<\/div>\r\n
      \r\n\tyour chances of being qualified.
      \r\n\t <\/div>\r\n
        \r\n\t
      • \r\n\t\tYour credit score<\/strong><\/li>\r\n<\/ul>\r\n
        \r\n\tYour credit history will also be an important part of the mortgage approval.<\/div>\r\n
        \r\n\tA low credit rating, late mortgage payments, bankruptcies, high debts, or<\/div>\r\n
        \r\n\toverdue payments on the credit report are all solid grounds to reject your<\/div>\r\n
        \r\n\tapplication.
        \r\n\t <\/div>\r\n
          \r\n\t
        • \r\n\t\tYour debt<\/strong><\/li>\r\n<\/ul>\r\n
          \r\n\tFinancing a new car purchase or opening a new credit card and adding a<\/div>\r\n
          \r\n\tsignificant amount to the balance will affect your mortgage approval. This<\/div>\r\n
          \r\n\tnew debt will affect your total affordability and show banks that your present<\/div>\r\n
          \r\n\tfinancial circumstances are unstable.<\/div>\r\n
          \r\n\t <\/div>\r\n
            \r\n\t
          • \r\n\t\tYour closing costs<\/strong><\/li>\r\n<\/ul>\r\n
            \r\n\tOn top of your down payment and monthly mortgage payments, the bank<\/div>\r\n
            \r\n\tmay require you have enough in your bank account to cover closing costs.<\/div>\r\n
            \r\n\tTypically, closing costs are 2-5% of the purchase price of your home.<\/div>\r\n
            \r\n\tProviding proof of all available funds will be a crucial step in the approval<\/div>\r\n
            \r\n\tprocess.
            \r\n\t <\/div>\r\n
              \r\n\t
            • \r\n\t\tYour property's condition<\/strong><\/li>\r\n<\/ul>\r\n
              \r\n\tAnother key factor to consider is the property condition. The bank will want<\/div>\r\n
              \r\n\tto see an appraisal report that outlines the condition of the property, as well<\/div>\r\n
              \r\n\tas its current market value. If there are structural issues, for example, the<\/div>\r\n
              \r\n\tbank may think twice before lending to you.<\/div>\r\n
              \r\n\t <\/div>\r\n
              \r\n\tIf you find yourself denied, do not fret. There is hope.<\/div>\r\n
              \r\n\t <\/div>\r\n
              \r\n\tWhat you can do to get back on track:<\/u>
              \r\n\t <\/div>\r\n
              \r\n\tDid you know that mortgages do not always come from major banks? In obtaining<\/div>\r\n
              \r\n\ta loan on your home, trust companies, credit unions, and even private investors<\/div>\r\n
              \r\n\tmay be viable sources.
              \r\n\t <\/div>\r\n
              \r\n\tThese alternative lenders will have different guidelines for qualifying for a mortgage<\/div>\r\n
              \r\n\tthan standard banks.
              \r\n\t <\/div>\r\n
              \r\n\tIf you find yourself in a situation where you're struggling to get approval and<\/div>\r\n
              \r\n\tare denied by the bank, talk to me about these alternate loan sources.
              \r\n\t <\/div>\r\n
              \r\n\tA different avenue may be the best possibility for you, then I can help make the<\/div>\r\n
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\r\n Draper & Kramer Mortgage, 2725 Ordway St NW Apt #4, Maryland, 20008, USA
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