Save yourself from Financial difficulties

Have you been having financial difficulties and had your home loan application rejected?  It can be extremely disappointing. You must remember that it is a lenders job to make sure that you would be able to afford the loan.  Usually it is the more reputable companies that are stricter about giving loans to people with financial difficulties as they care about their customers and not just selling loans.

One of the first things lenders look at is your credit history and people with financial difficulties often don’t have a very rosy history.  If you were, for example, unable to pay off $70 towards a TV per month, how are you going to prove that you are now ready for the responsibility of paying off a major loan?  Unfortunately we cannot delete our credit history and it is always important to be punctual with payments and only take out loans that we are able to pay back.

You have to ask yourself whether you actually earn enough money to be able to afford the monthly payments despite of your financial difficulties.  Normally the rule is that the payment must not be bigger than 28 percent of your gross monthly income.  They also take into account all your other debts and instalments and this should not exceed 36 per cent as a rule.  Very few lenders will extend a loan to someone who is covered in debt and obvious financial difficulties.  A good credit record can be favourable in this instance and help you to overcome these percentages.  It is important to sit down and write out an honest monthly budget of income and expenses and decide whether you can really afford the instalments.

When you are certain that you can afford the monthly instalments despite your financial difficulties, another important factor is being able to afford the down payment on the deposit.  Maybe a family member or friend could help you out in this regard.  Otherwise it is a good idea to start a savings plan as soon as possible to be able to help you in this regard in the future. 

This might mean waiting a couple of years but at least you will be planning for the future, to ensure you first deal with your financial difficulties.  Another tip that could help you to manage the down payment is to ask the seller to cancel a second mortgage.  This will mean that the seller will maybe pay some of the origination fees or some other closing costs.

Always make sure that you compare the price of the property you are interested in against other properties in that locality.  If a lender spots a highly irregular price it might also urge him or her to turn you down.  You can try to explain to the seller what the problem is and about your financial difficulties.  Remember that finding out why your loan was rejected is the first step to correcting your mistakes and working towards future loan acceptance.  Have a look at your financial difficulties and how you an take steps to ensure that you will be accepted in the future.

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