Mortgage Denial After Conditional Approval And Prior To Closing



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1. Mortgage Denial Notice after Conditional Approval and Before Close

* Most borrowers trust their Loan Officers when they receive a letter confirming that the initial approval is correct.

Homebuyers would never have thought of refusing a mortgage after conditional approval and before closing
Refusing a mortgage during the loan process can be devastating and stressful
However, it sometimes causes excessive stress to borrowers
Over 75% of our borrowers at Gustan Cho Associates are people who have been denied by another lender or are stressed during the loan process
There are cases where a home loan is rejected at closure
However, refusing a loan before or on the closing date is not the end of the world

* Take steps and move on to transferring your mortgage to another competent, experienced lender.

2. The lender is moving during the loan process

There can be many reasons for refusing a mortgage during the loan process. The reason for the refusal may be the fault of the buyer or seller. Or both. If everyone is on the same page, they can work together to reverse the denial. In most cases, the file should be sent to another lender. In case the borrower needs to change the lender it is a very simple process. FHA and VA valuations will be transferred. Therefore, no new assessment is required. However, it takes a good thirty days to change the lender during the loan process. If all goes well, it may take two to three weeks. However, expect a 30-day delay if you’re transferring your mortgage lenders.

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* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays.

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www.gustancho.com/fast-quote

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ALEX CARLUCCI – SVP Mortgage Banker, NMLS# 229891

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11 Responses

  1. BRONX NYC says:

    Underwriters are ASSHOLES.IT LIKE THEY DONT WANT YOU TO BE APPROVED FOR A MORTGAGE. CREEPS!!

  2. Angelika Carmona says:

    What if I was 150 days or more late on a hospital bill? That’s not considered an installment loan right?

  3. Babybugspaw70 says:

    If I bought home 2 years ago & selling it now, and I’ve never been late on anything & we’re putting 20% on new home & My scores are 690-700 (middle scores) and DTI is at 35% & income is provable and 15 yr job same company, should I be concerned about getting approved? I’m scared due to we aren’t 760 scores and higher?

  4. LadySangerNurse JonesLPN says:

    I got approved and CD for July 16 now it's suspended until I find another employer I had in 2019 for gaps in my employment that was already explained when we first started this

  5. Nicole T. Rainer says:

    Are the pre-approval loan officers verifying DTI eligibility before issuing the letter?

  6. Rick's Horror Story says:

    I was denied because of a foreclosure from nearly 6 years ago almost a week before closing. 🙁

  7. karen ordonez says:

    I received my initial CD to docusign online im supposed to close on 3/29 and still havent received a clear to close… should i be concerned?

  8. iMommie says:

    I have a closing date for Nov.27th but I haven't received clear to close as of yet . Dose that sound correct to you ?

  9. Missbnatural says:

    Yes it did increase my score but didn’t know you could apply for any credit if you were in contract?but not in underwriting yet

  10. Missbnatural says:

    My lender told me to apply for a credit card to help with credit . Would that hurt me if she told me to apply for it .

  11. Angel Will says:

    This finance expert really helped my partner and I repair our bad credit so that we could build and qualify for our first home together. They were great to work with and we would recommend them to anyone. Being that I am a realtor, I refer my clients to Financewebservice  ATgmail. com on a regular basis and they always thank me later as they also help with debts

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