What To Do If You Get Turned Down For A Knoxville Mortgage
Not every Knoxville first-time buyer will be able to buy a home when they first want to. There are certain times where a buyer is unable to get pre-approved or gets denied a loan in the middle buying a home.
The good news is, though, that even though you may not be able to buy a home right now. You may be able to buy a home in the very new future with just a little bit of work. In this post, we’ll look at what to do if you get denied for a Knoxville mortgage.
Find Out Why
When you get denied for a Knoxville mortgage, the first thing you must find out is why. Without knowing this, you’ll make it very hard for yourself to help improve what preventing you from buying a home.
Oftentimes, the following reasons are what prevents a first-time buyer from buying a home:
- Poor credit
- No credit
- Too much debt
- Not enough income
There are many times where a buyer will find out they’ve been denied for a loan. Unfortunately, they may only hear the part about getting denied for a loan and fail to listen as to why they got denied for a loan.
When you find out why you can’t buy a home, you can figure out what you need to do in order to finally be able to buy a home. While you may not be able to qualify right away, with a little bit of work, most buyers are able to overcome whatever problems are preventing them from buying a home in a matter of time.
Find Out If You Have Other Options
There are some times where you may be denied for one loan but are eligible for something else. Before you walk away from buying a home altogether, try and see if there are any other possible options that are available to you.
You may not qualify for one type of loan, but maybe there is another option available. Mortgage guidelines can vary from lender to lender so there is nothing wrong with trying and seeing if you can qualify somewhere else where there may be more flexible guidelines.
Find Out What You Need To Do
Oftentimes, when you get denied for a Knoxville mortgage, there’s not a ton that needs to be done in order to buy a home. There’s usually just a thing or two that’s preventing your from buying a home, whether its your credit or your debt.
With a few small changes, you should be able to resolve whatever it is that is keeping you from buying a home. For example, if you have too much debt, you can work to pay down your credit card in order to be able to qualify for a loan. Or, if its your credit score, with a little bit of work you can help improve your score so that you may buy a home.
Regardless of whatever is preventing you from buying a home, be sure to talk with your loan officer about what needs to be done. They can offer advice on what you need to do and where you need to be in order to qualify.
Finally, remember to have some patience. Whatever is preventing you from buying a home could take some time to fix, so don’t expect it to happen overnight. Take the steps that you need to make in order to make buying a home possible. With a little bit of patience and work, you’ll be able to buy a home in no time.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first-time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.