Homeownership can be a valuable long-term investment and wealth-building opportunity for you and future generations. But getting your foot in the door and actually buying that first home can be tricky — especially for certain communities.
If your loan application gets denied, there are things you can do to help save it. But you have to act fast. Start by asking for a detailed explanation on why you were denied — which, by law, you are entitled to get. If you were denied because some information was missing or unverifiable, get it corrected as soon as possible.
If you find you’re hitting a dead end, shopping around for a new mortgage might be your best bet — but do it right away. Every time your credit score gets “hard checked,” it’ll cost your score several points.