What happens if you are refused a mortgage?

Does this affect your credit rating and if so, how?What happens if you are refused a mortgage?
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http://www.comingbackstrongfinancially dot comWhat happens if you are refused a mortgage?
Being refused a mortgage does not affect your credit rating, but it's a likely indication that your credit could be less than stellar already.
Everytime you are refused credit it effects your credit rating negatively. You should get a credit reading report to find out why you have been refused a mortgage.





There are independent advisors that can help people get mortgages (DO NOT PHONE THOSE PLACES ON THE TV) who have been turned down - you will be able to find them through citizens advice.





Good luck
some advice for you:





A large section of population asks for advice from all and sundry when they consider purchasing a home. They hear the versions of the stories from all about how they have gone about getting their first home. Then they expect the same things to happen to them, completely forgetting each case is different.





This makes it essential to separate good advice from bad advice. Apply common sense. Use this mortgage advice to help yourself get the best mortgage deal.





Always ensure your mortgage is pre-approved before you go out searching for the home. While purchasing a home, you should be aware of the maximum mortgage amount that you can easily pay. After you do this, you can begin your search for the home of your choice. Hence talk to the lenders before you go on visiting the real estate agent.





Get the best interest rate. Irrespective of the type of mortgage you choose to go for, it always makes sense to get quotes from various lenders and compare them. A minor difference between the banks and lenders can result in saving thousands of dollars during the period of the mortgage term. Right advice is the key to save money.
Being refused for any credit, whether it be a mortgage, loan, credit card etc etc will have a negative affect on your credit rating
The mortgage advisor in the estate agency where I work said that every time you have a credit check run on you it leaves a ';footprint';; ie other agencies can see your credit rating has been checked frequently in a short time.


While that in itself doesn't mean you have a bad rating, it is often seen that you are having trouble securing a mortgage/loan/whatever and it has a negative effect on you.
Keep renting. And no.
It can affect your credit rating but each lender has it's own views on how much to take this into account. Some lenders will ask if you have been turned down on the application form so this can affect you. Lying to this would be fraud and the lenders can and do talk to each other so they could detect this which would cause more problems.





If you're still looking for a mortgage then try a company that will lend to prime (mainstream) and sub-prime borrowers. You would be best to get a mortgage adviser who will be able to guide you to the best lender for your level of credit rating.