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Everyday Mortgage is meant to help you get real-life, homebuying advice that’s useful. That’s what we’re here for. The people answering these questions are real loan officers, in your hometowns, ready to serve you and get you into the home of your dreams. Click on their names to get in touch with them directly, or find a Movement Mortgage loan officer near you.

Q: WHAT ARE THE MOST COMMON REASONS PEOPLE GET DENIED A LOAN?

“One of the most common reasons for denial is people do not get pre-approved first. Getting pre-approved before looking at home allows time to “fix” errors, on your credit report for example, that may lead to getting denied. It also provides a clear idea of the maximum purchase price and how much money you will need to close so you do not put an offer in on a home that is beyond your ability and you are not short on cash to close.”–Marianne Washington, Branch Manager, Blacksburg, Virginia

“Credit score. There are usually options to help with down payments and debt-to-income issues, but if you have a low credit score there is no immediate help for that.”–James Okonkwo, Sr. Loan Officer, Virginia Beach, Virginia

“When real estate agents ask me this question I give them a general rule of thumb on mortgage lending. The three most important things are to have good/steady income, good credit and money. If you have two out of three you might be able to qualify for a loan. If you have one or none, odds are against you being able to qualify. The best thing to do is get your real estate agent to have a quick chat with your loan officer.”–Michael Borella, Sales Manager, Knoxville, Tennessee

Q: WHAT CAN I DO AFTER A LOAN GETS DENIED?

“Having a loan denied by one lender does not mean you cannot be approved for a mortgage.  Contact a Movement Mortgage loan officer and discuss why you were denied. We may be able to approve you.”–Carla Bolling, Sr. Mortgage loan Officer, Tampa, Florida

“First, do not think it is the end of the world. There are times when a simple adjustment to your purchase plan can change a denial to an approval. I recommend talking with the loan officer to get options.”–James Okonkwo, Sr. Loan Officer, Virginia Beach, Virginia

“f you’ve recently been denied for a mortgage loan, the key would be to find out why. Contact a Movement LO to discuss the denial. Whatever the reason, we will provide you with some tips and ideas of what you can do to increase your chances of an approval in the future.”–April Alford, Loan Officer, Raleigh, North Carolina

Find a Movement Mortgage loan officer near you.

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About the Author:

Jennifer Bates

Jennifer is a Communications Coordinator at Movement Mortgage. She lives in Charlotte with her two dogs, Griffey and Maddux.