Mortgages > Purchase

Afraid of not getting a mortgage?

If you’re hoping to buy a home, but you’ve got a nagging fear that your application for a mortgage won’t be approved, why not take steps now to improve your changes?

• Get a copy of your credit report from your local credit bureau. If you see problems, find the HUD Housing counseling agency in your area and consult with them. They can advise you on repairing your credit.

• Stabilize your job situation. Lenders don’t like job hoppers or a fluctuating income.

• Pay off credit card debt as much as possible before applying for a mortgage. Cancel accounts you don’t use. Even accounts that are just sitting there with a zero balance can count against you as possible debt.

• If you can’t pay off credit cards, make an appointment with a representative from a HUD Housing Counseling agency. Get the professional help you need to consolidate and reduce your debt.

• Save seriously for your down payment. The less you have to borrow, the better for you in the long run. And with a sizeable down payment to offer, you may find it easier to get the loan.

• Apply now for a home loan!


The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).