If a bank turned you down, is it worth going somewhere else?

Have you been through the experience of applying for a home loan with a bank, only to be declined or turned away? 

Or did the bank you were already working with, tell you that they can no longer help you?

This can be a devastating and stressful experience for many people looking for a home loan and to buy a house.

So is it worth going somewhere else? What do you do if you were declined for a home loan?

Yes!

Think about it like this. When you go clothes shopping, if the first store you visit does not have the right size or colour for you, does that mean that no other store will? Of course not! So just like that, there are different banks and lenders that can potentially accommodate you. 

Although the banks have to comply with various pieces of regulation and rules, each and every bank has some different criteria and policies that they set themselves. This means that certain banks can be more accomodating where others might not be able to.

In order to try to buy a property, you will want to consider working with a professional mortgage broker who can assist you in applying to a different bank. 

Also, certain banks may approve you for more or less than others. So if you’re wanting to increase your budget for a home loan, it’s worth talking to a mortgage adviser if another bank can lend you more.

 

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Just Mortgages
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