Can’t Get a Mortgage? Follow These 6 Expert Tips…

Home movingDespite the property market improving over the last couple of years, there are still many people who can’t get a mortgage. If this includes you, then you may be getting ready to tear your hair out. However, don’t quit just yet, until you read the following 6 expert tips…

Get independent advice

If you have faced many rejections in your mortgage applications, then it may be a good idea to get independent advice. An advisor will be able to pinpoint where you are going wrong.

Get a mortgage broker

There are many advantages to getting a mortgage broker. Not only can they put you in contact with lenders who are likely to say yes, but they will also be able to offer you guidance.

Choose a mortgage broker in your local area instead of a big national firm. For example, if you live in Maryland, then start searching for mortgage brokers in maryland who can help you out.

Look at cheaper properties

One of the main reasons why people get rejected for a mortgage, is because they are applying for too much money. Instead, consider looking at cheaper properties in a different area to increase your chances of success.

Work on your credit score

One of the first things a mortgage lender looks at is your credit score. If this is not in good shape, then expect to be rejected on the spot.

With this in mind, it can be very beneficial to work on your credit score over the next few months. How do you do this? By hiring a credit repair agency who will do all of the hard work for you.

Save up some money

To increase your chances of getting a mortgage, you should save up as much money as you can. Even if this means waiting a year until you apply for a mortgage again. By having a large down payment, you increase the chances of a lender saying yes.

No credit at all

The flip side to having bad credit, is having no credit history at all. If you have never taken out a loan or credit card in the past, then there will be almost no details on your credit file.

This often makes lenders nervous, as you are an unknown quantity. For this reason, you should consider applying for a credit card right away, so you can start building up a credit record over the next few months.

Thanks to Alec Rice for the post.