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Real Estate Tips
Financing Your Home >Qualifying Guidelines

It may be difficult to qualify for a home mortgage loan. As a buyer, you may find the perfect home, but finding the perfect financing might become elusive. After you complete the application process, your lender may turn you down, which is an upsetting development for any prospective homebuyer. What can be done to remedy such a setback?

The answer depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your real estate agent to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too.

While loan rejections are disappointing, they can be resolved.

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Real Estate Trivia
Q 
What is the most populous state in the United States?

A 
California, with 35.9 million people.
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The Mike Robinson Team, REALTOR®, real estate agents and broker for Ottawa, Kanata and Stittsville Ontario home listings, property and land for sale - NUMBER1EXPERT(tm)

The Mike Robinson Team
Royal LePage Team Realty

484 Hazeldean Road
Kanata, ON. K2L 1V4
Phone: 613-592-6400
Fax: 613-592-4945
Email: Mike@MikeRobinson.ca

The Mike Robinson Team offers extensive knowledge and experience of the Ottawa real estate market. It is their objective to help clients make decisions that are in their best interest while supporting the clients real estate dreams and goals. This business model has created a “client for life” atmosphere with over 65% of their business coming from repeat clients or referrals from past Buyers and Sellers. Call on our team today and start packing!

ABRREALTORMLS


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