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Don’t Let These Issues Stop You From Getting A Mortgage.

November 11, 2016 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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(ThySistas.comFor many of us, buying a home is only possible if we can get approved for a mortgage. But getting the approval, we need to start looking at properties is not always easy. While some people can get a mortgage relatively easy, some of us can find it to be a difficult and challenging process. Your current situation could mean that you’ve been denied a mortgage and therefore unable to buy a new home. This can understandably be very frustrating. But you’ll be pleased to know that there are things you can do to increase your chances of approval. Here are some common issues which could be stopping you from getting approved and what you can do about them.

You have a poor credit score

Lenders will often check your credit score to help them decide 01blackwomanhousewhether you are a high risk. If your financial history is less than perfect, this can lower your score. If the lender considers it to be poor, this could be why you aren’t getting approved for your mortgage. Some companies will lend money to people with bad credit scores. You can visit the Advisory HQ website to discover which ones are the best. But keep in mind that these mortgage loans will often have higher interest rates. If you want to avoid this, start improving your credit score instead. Paying bills on time and checking for errors on your report are just a few ways in which you can do this.

You work for yourself

While being self-employed can have it’s perks, it won’t always benefit you when you’re trying to get mortgage approval. Unlike when you work for a company, working for yourself doesn’t always guarantee a regular income. You might have months when you make a little and others where make a lot. This uncertainty can make mortgage lenders see you as a risk and stop them approving you. The best thing you can do in this situation is to show lenders your financial records. This can give them the reassurance they need to give you approval. To increase your chances, even more, have your records signed off with the help of a reputable accountant.

You can only afford a small deposit

If you haven’t had much time to save but want to buy as soon as possible, you might only be able to afford a small deposit. However, this can be off-putting to certain mortgage providers and lenders. Generally, the more you are able to put down for your deposit, the greater your chances of approval are. As you can only afford a small deposit, you might think that this is impossible. But, this isn’t necessarily the case. There are companies such as Lendingtree who can offer FHA loans from the government. They can accept deposits that are as little as 3.5% and involved lower interest rate. So do plenty of research into FHA loans to see if they could be the answer to your problem.

So not matter what situation you might currently be in, there are potential solutions which you should consider. If you’re still having trouble getting a mortgage, ask the lenders for their reasons why. The reason might be something you hadn’t considered before but knowing what it is allows you to start sorting it out.

Staff Writer; Vanessa White

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