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Getting Rejected for a Mortgage

By Ben Levy

You have finally found your dream home, the perfect little piece of paradise. All you have to do is get approved by the bank for your mortgage. You get a call from the bank and all of your dreams have been crushed. The application for your mortgage was reviewed: you have been rejected. What do you do now?

All of your hopes and dreams seem so far gone now. Truth be told though, there are other options for you to consider. The first is to consider a smaller mortgage. Yes, with a smaller mortgage you might not be able to get your dream home but there are still other options. The different house might still be better than your current living arrangement.

The second option is to consider renting. Maybe the house you are looking at has an option to rent first and then buy. With this added time, you might be able to improve your qualifications for the mortgage company to consider you for the mortgage on your dream home. If you cannot rent this dream home there will still be plenty of options to consider in the area.

All in all, being rejected stinks, but there will be other options to consider. Its is just up to you to keep your head up and continue the pursuit of that piece of paradise.

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