Second Refinance Denied Last Minute

[Ean McNaney]

Long story short Finance oF America took me through a couple months of pre approval and approval status even gave me the final print out of the loan amount and terms only to tell me days before i was to receive money that because of "background information " i will be denied . If this was a problem why didn't they do this first ? why take me through months of paperwork and paying $600 for an appraisal , ( which by the way they never even finished ) ? This also happened with quicken loans , days before was going to receive funds was denied .

I have no mortgage on my house and have it rented out .

[Andrew Postell]

@Ean McNaney 2 things here:

1.  This is going to sound strange but in lending each investment property you own increases your foreclosure rate.  I mention this because large banks, specifically ones that are publicly traded, are NOT banks we should be using on investment properties.  Most investors use smaller to mid-sized banks.  The smaller banks don't have as many "Overlays" (those are the extra rules banks use to limit risk).  So focus on smaller banks for more of a success rate.

2.  What was the "background information" they stated came up?  

Thanks!