There are many reasons you can be turned down for a mortgage. Since the mortgage market crash in 2008, bank requirements to satisfy a mortgage have become more restrictive to prevent a reoccurrence of the market slump. Here are some reasons you will be turned down for conventional mortgages, so you can be prepared if you start a mortgage loan process:
Everyone can have occasional credit report issues, such as missing a payment. Lenders look for patterns or tendencies to repeat these behaviors over and over. Any of the above issues will lower your credit rating and make it difficult or impossible to obtain conventional financing.
This is where the AHL Hard Money Network can help you in Florida. Our investor network looks at the established equity in your property and is less concerned about a credit rating. Of course, we need to see regular income to ensure you can repay the loan, but the loan itself will be secured by the equity, not by other investments or a bank balance. Another advantage of securing a mortgage with AHL Hard Money Network is the fact that paying off our mortgage loan will be a good step toward improving your credit rating.
If you have problems obtaining a mortgage due to bad credit but have significant equity in your home, contact AHL Hard Money Network today for a consultation. We get you the money quickly and with a lot less hassle than conventional lenders!