Refinance Loan

Question: If a lender denies a refinance loan, does it have any consequence when i reapply with another lender?

(Posted by: sam on 2008-05-05 16:59:17)

Posted by: PelMel on 2008-05-05, 17:19:07

No, but if you were denied by one lender, you will probably be denied by another. Find out the reason why they didn't approve you, then get your finances in order before you apply elsewhere.

Posted by: Dawni Do Right on 2008-05-05, 17:23:09

You will have another credit inquiry on your credit report which will reduce your credit score for one. What was the reason you were denied a refi loan? Not enough equity? Credit scrore too low, too many late payments, income to debt ration out of whack, too much debt? That may enter into play with the next lender.

Posted by: hensen on 2008-05-05, 17:37:26

Yes, it looks bad to have too many inquiries on your credit report, especially if you get turned down.