If your attempt at mortgage refinancing is being denied you should simply try again. Standards for mortgage refinance approval are different for every lender; chances are if you’re denied with one you could be approved from another. Here’s an article on MortgageLoan.com with several tips for getting your mortgage refinance application approved:
Everyone knows that shopping around for a mortgage can help you get the best interest rate. But it can also help you qualify for a mortgage as well. Each lender has its own mortgage approval standards, in terms of credit scores, income requirements, debt levels and more. In addition, those requirements can vary depending on where the property is located and can even change from week-to-week, or day-to-day. So just because one lender rejects your application, it doesn’t mean another won’t accept it.
If you’re having trouble getting your mortgage refinance application approved be careful with fees once you get your approval. Fees will make or break your refi because you’ll need to recoup these out of pocket expenses before benefiting from a lower interest rate. Lender junk fees lengthen the amount of time it takes to break even, making it difficult or impossible to recoup your expenses.
You can learn more about getting today’s lowest mortgage refinance rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.