How to qualify for a mortgage

Source: Mortgage Architects

There are few better feelings than owning your own home. Most people, however, don't have the cash to pay the full price for a house; that is why mortgages exist. In order to obtain a mortgage, you cannot simply need one. You need to qualify. While qualifying for a mortgage can seem difficult at first glance, the process can actually be made relatively simple once you know how to qualify for a mortgage.

Clean up your credit

When thinking about how to qualify for a mortgage, your credit rating is the most important factor to consider, so it is important that your score is as high as possible. Here are a few ways to increase your credit score as much as possible in a short time:

Look at your credit report

In order to know what is affecting your credit report, you first have to look at it. Fortunately, this is not a difficult thing to do. All you need to do is visit the websites of all three credit reporting agencies; they will give you a detailed copy of your credit report for free.

Dispute any incorrect negative information

If there is any negative information on your credit report that should not be there (i.e. a collections account for something unrelated to you), you must dispute it directly with the reporting agencies. This isn't complicated either; they have streamlined this process by allowing you to file disputes online.

Get a credit card

No matter what type of lender you are dealing with, they are more likely to supply a loan if they see that someone else is willing to lend you money. That is why it is important to have a credit card. Do not worry if you have had trouble getting a credit card in the past. You can always get a secured credit card, which works more like a bank account than a credit card.

Request increases on all of your credit cards

The more lenders are willing to give you, the more positively your credit cards will reflect on your score. It only takes a few minutes to ask for a credit line increase, and you would be surprised at how willing credit card companies are to agree to such a request.

Lower your debt

Although it's important that your credit report reflects that lenders are willing to lend you money, being burdened by too much debt will lower your credit score. This is due to the fact that mortgage lenders want to make sure that you will be able to afford to pay your new bill. If possible, lower your debts to less than half of your pretax monthly income; this shows that you have plenty of extra space to fit a mortgage.

Get a down payment together

Although in rare cases it is possible to obtain a mortgage without any down payment, you shouldn't count on it. When thinking about how to qualify for a mortgage, it is important that you understand that a lender is much more likely to say 'yes' if you furnish a down payment -- the more you put down, the better. This is because a down payment both shows a financial commitment and it lowers the amount of the loan.

Get help from a mortgage broker

It’s a mortgage broker’s job to get you a mortgage. What’s more, they are industry experts who know additional tricks to help get you approved. For more information, contact the Mortgage Architects team!



Subject to change. Conditions may apply.
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Updated: 01/22/21
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