The newest economic data seems to point to the fact that most people have to apply multiple times for a loan, and this is particularly true if it is a bad credit loan. The average amount of applications for a loan, including bad credit loans are four times, and even after that point, consumers may still not get the financing they need thanks to banks cracking down on lending practices.
Gerry Bell, Head of Mortgage Marketing, GE Money Home Lending, said: “Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower. With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting the deal they need.
“The focus in the mortgage market is now on availability more than anything else, with financially strong and experienced lenders the most likely to offer credit. In addition there are a number of dedicated specialist lenders with strong pedigree who may be able to help meet borrowers needs.
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Related reading: Bad Credit Loan
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