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What to Do if Your Home Loan is Denied

Key takeaway

Being turned down for a mortgage doesn’t end your dream of owning a home. There are many reasons a loan application might get a “no” that can be addressed. And in the event of a more-complicated scenario, your lender can check to see if there are alternative paths available.

You’ve taken the early steps to pursue homeownership. As you dive into the homebuying process, you may be surprised to learn that your loan application could be declined by your proposed lender. Although this can be frustrating, it shouldn’t stop you from pursing your goal of owning a home.

As you’ll see in this short video, there are a number of reasons your application for a loan could be declined — and some of them may be things you can address. Your first step toward a solution should be to talk to your proposed lender about why the application wasn’t approved.

And remember, being turned down for a loan doesn’t necessarily mean you can’t get approved for a loan on a different property or for a different amount.

What if you get declined for a loan?

Transcript: What if you get declined for a loan?

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