Posted by Philip Dennesen on 9/13/2019

Going through the process of applying for a mortgage only for your application to get denied can be a frustrating and confusing time. If youíre hoping to buy your own home in the near future, itís vital to secure financing or you risk missing out on a home that you may have been depending on getting.

In todayís post, weíre going to talk about what happens when your mortgage application is denied and what you can do to fix the problem as quickly as possible.

Determine the Cause of Denial

If your application is denied, priority number one needs to be to understand what happened. Since lenders are required to provide denied applicants with a letter explaining why they were denied, this just means reading the letter and making sure you understand all of the reasons listed.

There are a few common reasons that an application may be denied. Some of them are simple fixes, while others might require time and effort on your part that may delay your house hunt for a while.

One issue that many mortgage applicants have to handle is when their employer wonít provide proof of income to a mortgage lender. Since income verification is vital to the mortgage application process, itís important to make sure you can provide all of your income details from the last 2 years to the lender.

Sometimes there are issues with contacting employers, such as when your former place of employment goes out of business. Or, you may be a freelance or contract worker with atypical forms of income verification. Regardless, make sure you are clear with your loan officer regarding your employment history.

Other common causes for denial of an application include problems with your down payment (such as not meeting the required down payment amount) and credit history issues, such as having a lower score than you thought.

Credit score lower than expected

Itís not uncommon for a lender to run a credit check and come up with a score that is lower than you anticipated. Since scores change on a monthly basis, and since there are differences between the scores provided by the three major credit bureaus, you might find that your lender found a score slightly lower than what thought.

If the score is drastically different, however, this could be a sign of two things. First, make sure that you havenít recently made multiple credit inquiries (such as applying to several lenders who perform credit checks) or by opening new credit cards or loans. These inquiries temporarily lower your credit score.

If you havenít recently made any inquiries (other than applying for a mortgage with your lender of choice), then itís a good idea to get a detailed credit report and scrutinize it for errors. Inaccuracies on your credit report can be disputed and resolved and can give your score the boost you need to be competitive on your mortgage application.  

Choosing a different lender

While most lenders use similar criteria in determining your borrowing eligibility, there are some differences between lenders.

For example, some lenders might take on more risk by lending to someone with a lower credit score. However, they will also likely require a higher interest rate in exchange for the added risk theyíve acquired.


Now that you know your options for what to do when an application is denied, youíre well-equipped to start tackling the issue and getting back on track to becoming a homeowner.





Posted by Philip Dennesen on 9/12/2019


6 Clipper Way, Beverly, MA 01915

Centerville (Bvly)

Single-Family

$629,900
Price

7
Rooms
3
Beds
3
Baths
**Opportunity knocks! **Huge $40,000 price reduction!! ** Open House this Sunday 9/15, 11-1. ** Beautiful Custom Home** From the moment you walk through the front door you will be amazed by this custom designed home. The open floor plan with cathedral ceilings, walls of windows & skylights give tons of bright light & spaciousness. You will enjoy everything about this impeccably maintained home, recent updates include roof, heating & central air system, oil tank, exterior painting. The floor to ceiling pecan marble fireplace in the family room; the post and beam breakfast area that overlooks private yard, gardens and wooded areas, extra large 26'x24' combo Living room with dining. Features include 1st floor laundry, central AC, security system, climate alarm, front & rear decks, lawn irrigation, lighted California Closets, extra large 26"x24" garage, plenty of parking. Located on a cul-de-sac in Beverly's desirable Centerville neighborhood, close to commuter rail & highway.
Open House
Sunday
September 15 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 6 Clipper Way, Beverly, MA 01915    Get Directions

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Categories: Open House  


Posted by Philip Dennesen on 9/12/2019


6 Clipper Way, Beverly, MA 01915

Centerville (Bvly)

Single-Family

$629,900
Price

7
Rooms
3
Beds
3
Baths
Opportunity knocks! Huge price reduction. Open House Sunday 9/15, 11-1. ** Beautiful Custom Home** From the moment you walk through the front door you will be amazed by this custom designed home. The open floor plan with cathedral ceilings, walls of windows and skylights give tons of bright light, and a feeling of spaciousness and comfort. You will enjoy everything about this impeccably maintained home, recent updates include roof, heating & central air system, oil tank, exterior painting. The floor to ceiling pecan marble fireplace in the family room; the post and beam breakfast area that overlooks private yard, gardens and wooded areas, extra large 26'x24' combo Living room with dining. Features include 1st floor laundry, central AC, security system, climate alarm, front & rear decks, lawn irrigation, lighted California Closets, extra large 26"x24" garage and lots of parking. Located on a cul-de-sac in Beverly's desirable Centerville neighborhood, close to commuter rail & highways
Open House
No scheduled Open Houses

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Categories: Price Change  


Posted by Philip Dennesen on 9/10/2019

This Multi-Family in Peabody, MA recently sold for $620,000. This style home was sold by Philip Dennesen - KELLER WILLIAMS REALTY.


73 Northend St, Peabody, MA 01960

Multi-Family

$599,999
Price
$620,000
Sale Price

2
Units
2,241
Approx. GLA
Move right in to this updated two family home with a huge 2 car detached garage. Each unit offers hardwood floors, updated kitchens and baths. State of the art heating systems, central air, water heater, newer roof and updated electrical, and all new plumbing. Easy access to highways, close to Salem downtown and train. Pride of ownership really shows with this property with modern updates. Plenty of parking plus nice private back patio and yard.






Categories: Sold Homes  


Posted by Philip Dennesen on 9/6/2019

This Single-Family in Beverly, MA recently sold for $765,000. This Colonial,Contemporary style home was sold by Philip Dennesen - KELLER WILLIAMS REALTY.


16 Yankee Way, Beverly, MA 01915

Centerville (Bvly)

Single-Family

$739,900
Price
$765,000
Sale Price

8
Rooms
4
Beds
3/1
Full/Half Baths
.**Convenient location in an idyllic neighborhood!** Superbly maintained with many tasteful upgrades- uniquely designed open floor plan that allows for user flexibility. Conveniently located close to the commuter rail, highways, shopping, parks, beaches, dining, schools and churches. Upgraded stainless steel appliances, deluxe duel fuel stove with vented hood, wine cooler, stylish back splash, granite counter tops. lovely cabinetry, The exterior features a composite deck w aluminum rail system, custom LED lighting, private brick paver patio surrounded by luscious designed landscaping. The beautifully designed walk out basement has a recreation room,wet bar for entertaining, full bath and office, possible conversion to in law accommodations, with plenty of storage. Extra features include gas fireplace, interior security, exterior motion lighting, granite pedestal mailbox. This home is a true gem!

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Categories: Sold Homes