Why Did My Mortgage Application Get Rejected?! | RealtyPin.com

LOS ANGELES, Feb. 19, 2013 /PRNewswire-iReach/ -- If this is a question you've shrieked recently, you're not alone. As the real estate experts on Realtypin.com have pointed out time and time again, mortgage standards have tightened up dramatically since the housing bubble burst. In fact, these days, it's estimated that a whopping 30% of mortgage applications get rejected!

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However, getting a big, fat "no" from a lender doesn't necessarily mean that your dreams of homeownership have to come to a screeching halt. But before you can move forward, you have to figure out what went wrong. By law, your lender has to tell you why they deemed you to be a less-than-stellar homeowner. Specifically, they have to give you a letter that spells out a reason for your rejection. So, what are some of the reasons in those letters?

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- Your loan-to-value ratio
This is just a fancy way of saying that the home you want to buy was appraised at a value that was less than the amount of the mortgage you applied for. While this may sound like a huge problem at first, it's actually a relatively-easy problem to fix.

As the mortgage experts at Realtypin.com recently explained, low (and downright inaccurate) appraisals have become more and more common over the past few months. So, getting your problem solved can be as easy as getting a new appraisal.

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