October 10, 2016
Banks can often make mistakes. Sometimes, when we receive declinals from banks is not always a cut and dry case that the applicant will never see the light of day again as far as another loan application goes.
Getting declined is always disheartening, but it's important to remember that not all banks see the full story for some reason at times, or are blinkered in the determination of policy, and that assessors who work for banks are only human after all. It is quite often the case that something simple triggered a response for the assessor, or indeed just the computer to automatically decline a loan. I have seen loans declined for pitiful reasons, anything from a payment that has been two days late on another facility, to an incorrect valuer's comment, and all things in between.
Because we deal with so many lenders, there seems always to be another option available. The first thing that we do when we receive a decline is to query the bank as to why, and quite often, with a little bit of negotiation we can sometimes change the banks stance on the decision and have it overturned in favour of a formal approval. In most instances where this is not an option, and the bank digs it heals in and won't budge then we have the ability to redirect the loan to somebody else as a Plan B with the new knowledge of what the problem may be and have that concern addressed upfront so that the new application can be presented in its best light.
It is always a good idea before applying for a loan that you check your credit file for any possible negative aspects that may hinder the smooth transition of your loan to approval. We have the facility here to do a complete credit check on you for no cost, a saving of many dollars. This way you can be alerted if there is something in the background that may pose an obstacle to your successful application. It is vitally important that you be truthful in disclosing all debts, employment histories, and a accurate portrayal of your financial situation as banks have enormous resources to be able to verify such information and anything that seems to be an anomaly can quite often stop the application in its tracks. It is no use trying to fool a lender because it will eventually catch up with you in some way.
All lenders have different guidelines so it is important to do your research. Some lenders will be able to lend you money against serviced apartments, or large rural properties, or without a genuine savings history. Some lenders may not consider these at all. So doing your own research, and making use of a free service such as ours can save you lots of time and energy rather than going to the wrong place to start. If you have applied for credit already and been declined a further strike on your credit report may damage your future chances of getting the result that you are after. It is always best to choose the right lender first and have it done properly from the start.
If you want to take the stress and frustration out of applying for a new mortgage and you want to see your application presented in its best light then there is no better time than now to access our services to ensure you are looked after in the best possible way. Our mortgage service is no cost and can deliver you a result that is tailor-made to suit your own particular situation please give us a try here at Mortgage choice in Noosaville on 5474 4100