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i was denied the mort today so disgusted

  • March 17 - US
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Answers (7)

Profile picture for SteadyState
Please do not take such things personally - you were not deemed credit risk worthy - the financial companies are in the mortgage business to make money and if they feel they will NOT make money lending you money they will not. What is there to be disgusted about? Better option - take positive actions to improve your earnings and your credit and there will be a line waiting to lend you money.
  • March 19
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You shouldn't give up on a mortgage yet! All lenders are different and can have different standards/requirements. I recommend that you check out other lenders as well to see what can be done for you. It always helps to get a second opinion. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 18
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Profile picture for Dan Tabit
I'm sorry to hear this.  When you used the credit cards, did you make major purchases?  Normally the scores from the original report will be used, but if you spent thousands on a credit card this could be the cause of lowering your score and changing your ratios.  It's common advice not to make any major credit purchases while in the process of getting a loan. 
Your lender, or another one if you decide to change should be able to do the RapidRescore for you. 
  • March 17
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Profile picture for user74435071
They said a Combination of debt to income and because when the loan officer pulled my husbands credit his score was a 628 and when she repelled it it dropped to 609 because we used our credit cards so the balances were no longer at 17.00 which is where they asked us to have them but then to keep our credit revolving we used them and it messed us ip
  • March 17
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Profile picture for Dan Tabit
Unless we know why you were denied, we can't give you much advice.  Credit can be improved, Ratios can be adjusted, situations can be changed.  I troubleshot a lot of loans when I was a licensed lender, both for my buyers and even when buyers of my listings ran into difficulty. 
Lenders have to provide a written reason for your denial, so find out and see if there is something you can do about it.  Any second lender you go to will benefit from knowing this to, or you could end up with the same result. 
  • March 17
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Profile picture for JoshBarnettREIB
Get a second opinion, it never hurts. 
  • March 17
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Profile picture for Outer Banks N C
Why were you denied?
  • March 17
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