Posted on: 11th Aug, 2011 06:17 pm
I've heard for years, that if someone is turned down for a mortgage or any loan, that it's a bad idea to go and apply elsewhere. The supposed reason is that lenders, will see multiple loan applications as either a sign of desperation or a sign of someone trying to rack up a lot of credit.
Hi dustinggs!
Welcome to forums!
If a borrower knows that he/she has too much of negative items on his/credit report or has a very low credit score or is unemployed, then it's better to not apply for mortgage repeatedly. However, if a person with a good credit score and income gets rejected for a mortgage, then he/she may apply for a mortgage with another mortgage lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If a borrower knows that he/she has too much of negative items on his/credit report or has a very low credit score or is unemployed, then it's better to not apply for mortgage repeatedly. However, if a person with a good credit score and income gets rejected for a mortgage, then he/she may apply for a mortgage with another mortgage lender.
Feel free to ask if you've further queries.
Sussane