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No Doesn’t Really Mean No: At Least When It Comes to Getting A Loan to Buy a Home!

Have you applied for a loan to purchase a home with a bank or mortgage company only to have your application DENIED? Well, when it comes to gettingDenied, Mortgage, Baton Rouge, SmartMove225 turned down for a mortgage NO doesn’t have to mean, NO you can’t get a mortgage. It may only mean that you can’t get a mortgage with the company that you applied for the loan through!

If you are looking to purchase a home in the Baton Rouge market area there are many different local banks, credit unions, mortgage lenders, and mortgage brokers who you might have chosen to apply with for your new home loan. What you must understand is that each of these lenders have different criteria they use to determine if they can write a mortgage for you. Just because one bank or lender tells you NO may simply mean that your unique financial or credit situation does not match that lender’s approval criteria.

The fact is, many of the clients my agents and I work with have either been turned downed for a mortgage or feel like they will be turned down if they were to apply for a home loan. A good percentage of these people we have helped purchase their new home!

The key to getting a mortgage if you are not an absolute perfect loan applicant is knowing two important things. The first is to know which lender will approve your unique financial or credit situation.  Smart Move Real Estate agents work with virtually every lender. We know which lenders will approve ONLY the “perfect” applicant with 700 plus credit scores, who has been on the job for five plus years, and has 5% or greater down payment. We also know which lenders will approve an applicant with only a 580 credit score and who has only zero to 3.5% to put down on their new home.

The second important factor you must know is that applying at multiple lenders hoping to get approved by one is almost a guarantee that you will destroy your chances of getting any lender to approve you. IT’S IMPERATIVE YOU APPLY WITH THE RIGHT LENDER THE FIRST TIME! This is because multiple inquiries on your credit report can cause your credit score to drop to a point where no lender can approve your application. Plus, you risk applying with a lender or mortgage broker who may “tell” you they can write your loan, only to find out days before you plan to close your loan and move into your new dream home, that they couldn’t get you approved! This can be a devastating situation for your family!

If you would like to know which lender is right for you, contact any of our Smart Agents. They will be able to direct you to the lender who is most likely to tell you “YOUR LOAN IS APPROVED!”

P.S. If you have negative credit showing on your credit report, DO NOT TRY TO FIX THESE YOURSELF! Your good intentions to pay off an old debt could very possibly significantly delay your ability to purchase a home for months or even years! Let the lender we refer you to tell you what to fix and what not to fix. Then do EXACTLY what they tell you to do. If you do, you might just find yourself moving into your dream home in the next month or two!

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