With current mortgage rates hovering near record lows, many consumers may have considered refinancing their mortgages or buying homes. However, not all applicants are approved.
Data from the Mortgage Bankers Association says that more than 2.3 million borrowers looking for home loans last year were rejected, The Washington Times reports.
Those rejections may have been for any number of reasons, the Times reports, such as low credit scores, other debt obligations or simply because borrowers applied for larger loans than they could afford. However, loan officers told the paper that just because a consumer was initially rejected, that doesn't mean they can't eventually get the loan they want.
While the mortgage company's rejection letter may detail a list of reasons for the turn-down, "it will be somewhat generic," loan officer Doug Benner told the paper. "A good lender will work with you to nail down the specifics of why you can’t qualify for a loan."
After reviewing their credit reports, borrowers may notice some unfair or inaccurate marks left by creditors. Removing them may help improve those borrowers' scores.