Like many types of loans that were easy to get years ago during the housing crisis, home equity loans and other loans to cash out on equity in rental properties were relatively easy to get.Now, not so much.
You've found your dream home.There's one problem: Your monthly household income[https://www.mortgageloan.com/calculator/mortgage-required-income-calculator] isn't high enough.You can't qualify for the mortgage you'd need.
Buying a condominium is often the choice of people who value convenience.But getting that convenience means you have to put up with a few extra challenges when it comes to qualifying for a condo mortgage.
A missed credit-card payment two years before you want to buy a home? It can scuttle your chances to qualify for a mortgage.And that's just one example.Homebuyers have the opportunity to make plenty of mistakes before they even begin to shop for a mortgage lender.
Lenders can't deny you a loan because you aren't married[https://www.mortgageloan.com/mortgages-unmarrieds-part-i-9446] or because you are divorced.They can't reject your loan application because you are widowed.
Your neighbor has refinanced her mortgage loan.Your son, too.Your co-worker two cubicles over has done the same.But you haven't.Why not? It's still not too late to save hundreds of dollars on your mortgage payment each month by refinancing.