QAEconomics › Which two of these should you do if your lender rejects your loan application?
Q

Which two of these should you do if your lender rejects your loan application?

A. Ask your home inspector why.

B. Ask your lender why.

C. File a dispute with the fair credit agency.

D. Shop for a different lender or type of mortgage.

A

Answer: B. Ask your lender why. and D. Shop for a different lender or type of mortgage.

If your loan application is denied, the first step is to determine the reasons for the denial. One way of doing this is by asking questions. Ask your lender why exactly your loan request was denied and just how long you would need to wait before applying again.

Finding why your loan application was denied is very important before applying for another loan. Generally, lenders are always ready to give you an explanation and certain disclosures. If your lender declines your loan request and you feel another lender will do or you meet the requirements of another lender, applying for another loan with another lender is a good step.

8 months ago
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