Unfortunately, a lot of existing homeowners are finding that they don’t qualify for a refinance for one reason or another. What may have been a slam dunk a few years ago is now not even close to a sure thing. Let’s explore some common reasons why you may be denied that precious mortgage refinance.
· Refinancing your mortgage can be a great way to take advantage of lower interest rates and decrease your monthly payment by hundreds of dollars.The drawback is that the process is time consuming, and for those who’ve had their application denied once already, it can be devastating.
There are many times when borrowers get mortgage denial after conditional approval and sometimes a denial after a CTC; Mortgage Denial After Conditional Approval. As mentioned above, just because you get a conditional approval does not mean that you are guaranteed to close on your home loan.
Credit is the #1 reason a mortgage gets denied. Whether the credit score is too low, or there are lots of late payments or collection accounts credit is a huge roadblock to homeownership. Ask your loan officer exactly what on your credit is holding you back from getting approved.
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However, more and more people are finding it hard to qualify for refinance loans, also referred to as private student loan consolidation. If you’re considering this option or have already applied for a refinance loan and were denied, here we’ll shed some light on why that may have happened.
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Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
Now that you’ve identified exactly what factors contributed to your rejected student loan refinancing application, you can start planning out what you need to While you probably shouldn’t apply several times, it might be worth looking into a second or third time if you get denied the first time around.