More homeowners are denied a refinancing than are approved. Have you been denied a refinance? Do you need to get into a more affordable mortgage? Here are some tips that will help you get yourself together, and get the refinancing you need.

Nearly 90% of all home loan refinance applications are denied. This could happen for a wide variety of reasons. Many homeowners do not completely or accurately fill out their forms. If a mortgage lender or bank can not verify information in your application, you will be quickly denied. Always make sure to double check all forms and make sure they are completely, and truthfully filled out. Other reasons for getting denied a refinance are:

-A bad LTV (Loan to value) Ratio.

-A mortgage that is worth more than the homes market value.

-Inadequate income to support the new mortgage payment, even after a refinancing.

-The homeowners credit history, and rating.

Mortgage refinancing denial
never feels good, the key is to understand why you were denied, and then make the correct changes. Do not take it personally, this is a business. You can always apply again if you have corrected some of your financial problems.

While it may seem impossible, especially after a rejection, getting refinancing is not as hard as it may seem. Make sure you understand the lender or banks minimum requirements to get approved, and make the appropriate changes. Also, a mortgage broker may be able to help you. Mortgage brokers will contact all potential mortgage lenders on your behalf, and bring you back the offers.

While refinancing is not the answer for everyone, many can benefit from it. DO a little research into your financial situation and see the potential a mortgage refinance will have on your life.

-M Petrone

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