all the time—it’s an upsetting event, but it’s nothing to worry about in the long run. Even people with good credit scores and a strong income can get denied loans from time to time.
If you’re willing to continue the conversation, ask the lender why you were denied. Lenders are required to give you the reason for denial through a denial letter or adverse action letter. Then, try to boost your credit score or remedy whatever situation caused you to be denied.
When you’re ready to apply again (with the same or a different vendor), try to get pre-qualified or pre-approved. Pre-qualification or pre-approval takes less time than a traditional approval process. If you succeed, you’ll be able to see your potential rates before signing on and budget ahead of time.
If you succeed in getting a loan, the lender will probably require you to purchase a full-coverage insurance policy. Use the
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.