Qualifying for a mortgage can often be exceedingly difficult, which makes sense when you consider just how much money you are typically going to be asking a lender to give you in order to purchase pretty much any type of home. However, there are a few things you can do that can help you get approved for a mortgage, such as the two tips listed below.
Add Someone To Your Loan Application
One of the easiest ways to improve your chances of getting approved for a mortgage is to consider adding someone to your loan application. One way to do this is to consider asking a friend or family member that you are close with to apply for the loan with you and help you pay for the home, which is really helpful if that individual has more expendable income than you do. The reason for this is that this individual's income will be added to yours, which will give the lender more confidence that the loan will actually be able to get paid every single month.
Another option is to simply ask someone with a good credit history to consider cosigning on the loan with you, even if they are not going to be living in the home. You will want to be very careful when doing this as any failure to pay the loan will not only affect your credit score but also the credit score of the person who cosigned for you. However, if the cosigner has stellar credit, it can make it substantially easier for you to be approved for a home loan.
Consider Asking For An Exception
Another option to consider is to ask the lender to have someone else at the company review your loan if the initial application is rejected. The reason you will want to do this is that when you request a review of the loan, you will be able to submit a letter or speak to someone in person in order to explain any issues on your credit history that could be causing your application to be rejected. For example, if you have a very good reason as to why you ended up having to declare bankruptcy and why that bankruptcy might have been a one-time thing, then the bank may not actually end up using that information against you and could potentially approve your loan application.
Contact your local mortgage lending company or bank today to discuss what tips they can offer you when it comes to getting approved for a mortgage and to determine if you are eligible for a mortgage through those companies. You will want to consider adding someone to your loan application and asking for an exception if your loan is rejected in order to improve your chances of getting approved for a decent mortgage for your new home.