At SOMSTAR PROPERTIES LLC, we are composed of a dedicated group of experienced realtors specializing in the residential real estate market. From finding homes that can accommodate large families to creating marketing strategies intended to help you sell your property, our real estate agents are dedicated to providing you with outstanding customer service.
We understand the challenges involved in selling your home or finding the right property to purchase. With our expertise, we can make the process easier and more convenient for you. At SOMSTAR PROPERTIES LLC, we are an innovative problem solvers who work closely with our clients throughout the entire process of buying, leasing, and selling real estate.
We serve the Twin Cities, Minneapolis and Saint Paul.
Did your loan application get denied?
If your loan has been rejected, don’t worry! We can help you review your loan application, identify the reasons why it has been rejected, and develop action plans so that your loan re-application won’t get rejected. Some common reasons why loans get rejected include:
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Insufficient Income
Before applying for your loan, lenders want to ensure that you are able to pay the minimum monthly payments. With some loans (i.e. home loans), the law requires that lenders must calculate your ability to repay. If you have insufficient income, it is highly possible that your loan will get rejected.
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Poor Credit Rating
When you apply for a loan, lenders will review your borrowing history, typically in the form of your credit scores. Lenders want to see a solid history of borrowing and repaying loans. Other reasons behind poor credit may include defaulted loans in the past, too much debt, lack of borrowing history, and credit errors. If your loan was rejected due to poor credit rating, you can request a free copy of the report from the credit reporting agency and dispute any errors that you can find.
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Low Appraisal
Oftentimes, mortgage loans are rejected because the appraisal didn’t come in high enough to validate the size of the loan. The appraisal may also be too low compared to the price set by the seller. You can use this low appraisal to renegotiate with the seller about the purchase price so that the amount reaches a point that a lender would agree to finance.
Still having trouble with your commercial or residential loan? Don’t worry! Our realtors can help you find other ways to fund your dream real estate property.
Contact our Realtor
Ryan Fischer
RE/MAX RESULTS – REALTOR
Ryan@ProTeamMN.com
cell: 612-888-6127
www.RyanFischerRealEstate.com
Talk to Us
For inquiries, give us a call at 952-432-1492 or Ask an expert today.