Is a mortgage denial negotiable?

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I had a question regarding mortgages. Are denials negotiable? Has anyone reading ever been denied, and been able to negotiate their way to an approval. Maybe from a local private institution. In business most everything is negotiable, what about mortgages.

ckalvesmaki · Posted: Mon Sep 17, 2007 12:27 pm Post subject:

You can't negotiate a denial......however the reason for the denial can be looked at. Have you been denied?

Guest 0.10 Dollars($)

No. But I am currently researching construction to permanent loans and do not have perfect credit.

0.10 Dollars($)

Most of the time a lender will give you a "counter" proposal vs a denial if your situation warrants it...but its not like buying a car beacuse the loan is sold into a MBS...mortgage backed security...and the guidelines are either met or they or not...if you don't meet guidelines then chances are you won't get a counter proposal..

Cedric

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Ted N,

A lender may deny your mortgage application for many reasons like poor credit score, high debt-to-income ratio or insufficient fund for down payment. If you have been denied a loan because of your poor credit, then you can consult with a credit counseling agency and take credit repair advices from them. Moreover, if there is an error in the credit report, you can request the credit bureau to correct it. In case you have been denied a loan because of your high debt-to-income ratio, then you should raise your income from other sources so that the ratio is lowered.

Even after trying out these options, if are unable to negotiate with the lender, then in that situation, you can choose a co-signer with good credit history to qualify for the loan.

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