Being declined for a mortgage by a bank can be a frustrating and disheartening experience.
Whether it’s due to credit issues, lack of income, or other factors, it can be difficult to know where to turn for help.
Mortgage Powered Financial Group understands that not everyone’s financial situation is the same, and we specialize in helping those who have been declined for a mortgage by a bank. We communicate your decline when it happens, but also line up other alternative solutions for you as well. We work with a wide range of lenders, including banks, credit unions, and private investors, to help you find the best rates and terms.
Some of the reasons why a person may be declined a mortgage by a bank include:
- Credit score: Banks typically look for a high credit score when approving a mortgage. If your credit score is low, you may be declined.
- Income: Banks will also look at your income and employment history to determine if you can afford the mortgage payments. If you don’t have a stable income or employment history, you may be declined.
- Debt-to-income ratio: Banks also look at your debt-to-income ratio, which compares your total debt to your total income. If your debt is too high, you may be declined.
- Property condition: Banks may decline a mortgage if the property is in poor condition and requires extensive repairs.
We have the expertise to help you navigate these challenges and find a mortgage solution that fits your needs. Our team of licensed mortgage professionals can guide you through the process and help you understand the different options available to you.
