Gastonia NC Mortgage Rate Update!

Wilcox Real Estate Gastonia

What Happens If Your Loan is Denied?

It happens…loans get denied for a variety of reasons.  Hopefully if your buyer’s loan has been denied, the lender prepared them ahead of time that their file was somewhat tricky and may have trouble getting approved.  If a loan application is denied, all is not lost.  Here are some steps that your buyer can take to improve their chances of getting approved going forward:

1.  Find out why the loan was denied.  Lenders are supposed to let you know why your application was denied so that you can take steps to resolved those issues.  For example, was it related to credit issues, employment history, not enough assets, too much debt, or issues with the property?
2.  Have your buyer take a look at their credit report.  Have your buyer examine it for any errors that might be hurting their score.  Also remember that different lenders have different credit standards.  Just because one lender won’t approve the loan, another lender may be able to do so.
3.  Pay down debt.  Credit cards are a good place to start.  Also, if your buyer really wants a house and is driving expensive vehicles with large loan payments, they may want to consider selling those vehicles and getting ones with less expensive payments to be able to accomplish their housing goals.
4.  Look for student debt solutions.  Getting a mortgage approved can be very difficult if student loan balances are high.  Income-based repayment plans for student loans can help reduce monthly payments.
5.  Look for lenders that offer lots of programs.  Many lenders don’t offer a wide variety of programs.  For example, there are many programs that offer down payment assistance to help borrowers with asset requirements or renovation loans if needed to resolve property issues.  These loan programs often have different guidelines than the average 30-year-fixed requirements.


Chris Reshetar Team

Today’s Rates:
 National Mtg Rate Averages
30 Year Fixed Purchase
15 Year Fixed Purchase
5/1 ARM Purchase
*Keep in mind that we do VA, USDA, 203K, Down Payment Assistance, CP, Jumbo, Conv’l Rehab and others. 
Today’s NC Home Advantage Program Rate
FHA with 3% assistance
FHA with 5% assistance
97% Conventional with 3% assistance
$8,000 Down Payment Assistance

USDA Turn Times for Approval in NC
USDA Turn Times for Approval in SC
Processing loans submitted 5/21/19
4 business days

NFM Lending

Kevin M. Guthard

Kevin M. Guthard

Mortgage Loan Originator




3440 Torringdon Way Suite 203 Charlotte NC 28277


Christopher Reshetar

Christopher Reshetar

Branch Manager




3440 Torringdon Way, Suite 203, Charlotte NC28277

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.