Four tips for getting approved for a mortgage

Getting a mortgage is not as simple as choosing a lender and signing on the dotted line. There are any number of things you need to be mindful of that could torpedo your application. Read the following tips for getting approved for a mortgage in order to give yourself the best possible chance.


Paying off any current debts can significantly improve your odds of having your mortgage approved. The reason is obvious: the less you owe to others, the easier it should be for you to make your mortgage payment every month. So pay down those credit card bills and store accounts. If there are any personal loans outstanding, clear them off the board too before applying.


You should know exactly what your credit score is before you apply for a mortgage. The three main credit rating agencies allow you to check your score for free online. But if you want details you will need to subscribe to their service. Subscribing will also reveal if there are any errors you can correct to improve your score and enhance your chance of being approved for a mortgage.


The more you save the less you will have to pay back. That’s a big plus for you. In addition, the more you save the less you will need to borrow, and that will make you more attractive to lenders across the board. If you don’t have to borrow as much you may also wind up getting a lower interest rate. So don’t settle for saving the minimum deposit of 5%. Try for 10% or even more.


This is not about politics. Being on the electoral rolls can actually help clear your path toward approval. How? Lenders want to see consistency when it comes to things like name and address. They’re so obsessed by it that they will check voter registration rolls to see if you are registered to vote at the address you gave them on the mortgage application. If you are not, they may turn you down.