Aug 6

There are many reasons you may have been turned down for a refinance, and some, like not having great credit, are obvious. We all know that lenders have tightened their belts and are unwilling to give loans to people they consider a risk. The lenders who were giving loans to virtually anyone just a few years ago are now only giving loans to those with perfect credit. While experts have seen this trend start to shift back towards a balance, there are still plenty of people getting turned down for their credit ratings. But what are some other reasons you may have been denied a Houston refinance?

Another possible reason is that your home is underwater – meaning that you owe more than your home is worth. This is a danger to the lender because if you were to default on the loan, and they were stuck with a home that’s worth less than the loan is, they’d certainly be losing money. Many people across America are underwater on their loans, because the housing bubble caused many homes to have sticker prices that were much higher than they should have been. If you’re in this situation then the best way to handle it is to continue to pay your loan off as quickly as you can so that you can get caught up with the changing value.

leave a reply