Click To View Links

Mortgage Loan Denied In Error

by RP Shelton
(Akron, OH )



I have a 761 total credit score, excellent credit and low debt to income ratios but was denied a loan by First Merit bank because they don't make many loans in my area and to justify that they send in their appraisers to low ball property values so they don't have to make the loan.

In addition to this they stated that their where marks against my credit that was not true or on my credit report. I feel they went out of their way (illegally) to deny me a loan in my area without just cause and I feel I have been damaged by their actions on this loan.

PS I took the same loan information to another bank and the loan was approved in 3 weeks no problem. What should I do and is their anything I can do about First Merit bank?

Thank
RP Shelton


=====ANSWER=====

Hello RP Shelton,

I really do appreciate you coming by my site and sharing with us your concerns.

I'm sorry you had a bad experience with your local bank. Also, I'm glad you were able to get approved elsewhere.

You have rights as a borrower. These rights are mandated by the Federal Government. Look at this page to read what your rights are to determine if they have been violated. First Time Home Buyers RESPA. On this page you will see what procedures they must follow.

If you feel your rights have been violated, it also helps you see what to do. You may find it's not going to be worth the fight. It's kind of funny, we have rights but to enforce them would require a lawyer, the courts and who knows how much time.

I wish you the best in your home buying experience.

Regards,

Jeff Ragan


Click here to post comments

Return to Mortgage Questions.

Recent Articles

  1. Buying a Home Out of State Questions

    Apr 15, 19 12:36 PM

    When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.

    Read More

  2. Bankruptcy and Mortgage Application

    Apr 15, 19 12:13 PM

    Will bankruptcy affect my mortgage approval? Can I still buy a home? Find the answer to these and more on this page.

    Read More

  3. Adding Someone to Mortgage or Title

    Apr 01, 19 05:30 PM

    If someone is added to mortgage entitle them when home is sold? Or if adding to title? Can it affect my own home purchase? Find the answers here.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter