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By Alysha Boles
contributing writer 

Second opinions

Navigate Lending


March 27, 2021

Alysha Boles

What to do when you are told "no" because of credit challenges, or loan program guidelines.

How do you know as a potential consumer of a mortgage loan that you are getting the information you need to make an informed decision moving forward? Online searches and blogs that may or may not be providing you with accurate or complete information and .com mortgage companies that fill their call center with newly licensed call center "headset jockeys" can often lead to inaccurate information when trying to find out what you need to know to qualify for a mortgage loan.

In our world, everyone is an expert...especially the lady going viral over buying a vacation rental with low or no money down; don't even get me started about the mortgage fraud that likely occurred there. Seriously, how do you know that the information you are getting is accurate? My best advice if you get told "no" is to ask someone else your question, and start a new conversation (much like visiting a doctor and deciding to get a second opinion). Lending guidelines are fluid based on the ever-changing circumstances happening in our world, and even more importantly, different lenders can have different lending overlays. Yes, there are tried and true basics when it comes to loan programs, but an overlay is something a lender can put in a condition of approval, which may be different at another lender. The saying "Jack of All Trades, Master of None" is more accurate than when it comes to a loan officer knowing every single loan program and every single guideline associated with them. Yep, I said it: no loan officer is a MASTER of every program and guidelines that go with it. However, some of us do aim to be masters of what our neighborhoods and client niche programs require in order to serve you best...not all, but some. The expansive nature of mortgage lending information considered, it does not excuse the mass amounts of misinformation that is spread by online blogs from non-industry professionals, or those headset jockeys. Not at all, but what does that mean for you? What do you need to do?

What you need to know is this: when you connect with some random loan officer or call center, the chances that they know your market area, the loan programs that are available to you or the guidelines that may be specific to your own personal financial and credit situation, are very slim. Why does this matter? It matters because you may be told "no" when, in reality, there is actually a way to help you successfully own that home you need a loan for. Even worse, you may be told "yes," get into escrow, and end up in the wrong loan program that can cost you more money than it should. What do you need to do if you are discouraged, with no forward moving plan? First, I would inquire as to whether this is an industry loan program guideline or specific to their company. Second, no matter the answer, make another call to someone who knows your specific area of need, whether that be your own financial needs, or your local market area. A true adviser that knows your area of need will likely not just state "no," but will figure out how and make a plan that may even allow you to still buy sooner than you thought. They will also explain whether other options exist outside of what they can offer.

You can contact Alysha Boles at (661) 858-7214, or visit See ad on this page.


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