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Contact your loan officer. When a lender rejects your loan application, “it shouldn’t be a surprise,” says Brian Koss, the Winchester, Mass.-based regional sales director of Movement ...
There’s no need to panic if a lender requests a letter of explanation: It’s a common part of being granted conditional approval for the loan. Still, it’s important to do the job right. Still ...
If you got money from relatives to help you buy a house, make sure to submit a gift letter as part of your application. 6. You don’t meet the loan program’s requirements. Different types of ...
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan .
requesting an explanation from their lender as to why their application was denied: 10 percent. Even so, few rejected applicants (13 percent) said being denied a loan or financial product didn’t ...
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
A student loan dispute letter from the CFPB and FTC can get you the help you need. Customize these templates and then send them out to request information, make changes to your account or enforce ...
Most loan types have minimum credit score requirements, and if you don’t meet them, the lender can’t approve your application. But your score isn’t the only thing lenders consider.