Date Posted: 2012-05-29 11:03:19
Site Posted: Myproperty.ph
Rejection can be hard to take, especially if it’s for something as big as a home purchase. It’s not uncommon to be turned down for a loan; what you need to do is to pull yourself together and create a new plan by gathering the information that you need and talking to your lender. Here are some things that you can do to improve your chances of getting an approval when you’re ready to try again.
1. Talk to your lender and find out what made them reject your request for a home loan. Their answer will give you an idea of how you can fix things to get an approval next time.
2. Check your credit report for mistakes. See if there is anything there that shouldn’t be, such as outdated data and wrong entries, and have them fixed immediately.
3. For sure not all of the information on your credit report are negative, so try to emphasize the good parts to your lender, such as the fact that you have a steady job that will enable you to pay off your loan on time.
4. If there is one particular issue that may be dragging down your chances, such as a divorce or unemployment, figure out what you can do to manage it.
5. It may sound counterproductive, but if you get a new credit card or acquire a secured loan, you can prove that you can be responsible in taking care of your credit this time around, even if that has not been the case in the past.
6. Stop trying to run away from any debt in your credit report and pay up.
It can be hard to stay calm after receiving bad news from your lender. However, by backtracking and finding the problem, you will be able to determine what needs fixing so you can finally buy your dream house.
Jillian Cariola, Writer
(cover image by sundesigns)
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