Posted on: 16th Sep, 2010 02:22 pm
in spite of a credit score over 800 and two income family, no bank will refinance our commercial building loan. have been turned down by four. we have a leasee. are there any out there who will?? is it simply impossible right now? :roll:
Hi doodlebug!
Welcome to forums!
Did the lenders give you any reason as to why they have turned down your mortgage? Though you have a good credit score and income, if you don't have equity in your property, then the lender will not be ready to refinance the loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you qualify for a home loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Did the lenders give you any reason as to why they have turned down your mortgage? Though you have a good credit score and income, if you don't have equity in your property, then the lender will not be ready to refinance the loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you qualify for a home loan.
Feel free to ask if you've further queries.
Sussane
At first, they were saying my debt-to-income ratio was not to their liking. One said I hadn't worked at my new profession for two years as the reason. I finally got to where my debt-to-income ratio was far better, and I'd been doing the job for two years. So the next "excuse" was that the building, which is leased, was "non-owner-occupied." It's nuts. I've got a long history of paying my debts...but it doesn't matter. This has gone WAY overboard. (this is for a commercial bldg, not a home loan).