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Home / Blog / Qualify For Home Loan / 3 Tips to Get a Mortgage if You’ve Been Turned Down

3 Tips to Get a Mortgage if You’ve Been Turned Down

August 15, 2014 By Mary Catchur

Qualify for a Mortgage
Photo Credit: byLorena/Flickr/CC.

It can be difficult to qualify for a mortgage, even if you have a good credit record and steady income.

Sometimes borrowers are turned down for a mortgage because of things that are out of their control, which could be overcome by using an experienced mortgage loan originator.

If you’ve been turned down for a mortgage, one of the best things you can do is use a mortgage broker to act as an intermediary between you and the lending institution.

Besides using a mortgage broker, here are some tips that might help you qualify for a mortgage.

#1 Improve Your Credit Score

When you apply for a home loan, the lender looks at your credit history and credit score. Your credit history contains a long list of money you borrowed in the past, but it also shows your total debts, medical bills, and any foreclosures or bankruptcies you may have experienced.

If a lender denies you for a mortgage, it may be because your credit score was too low.

You can typically raise your credit score by paying off more debt, eliminating bad debts, or removing any mistakes from your credit report.

#2 Apply with a Cosigner

Applying for a loan with a cosigner is another option. Your cosigner agrees to pay back the loan if you default. And the loan will appear on the cosigner’s credit report, which means you need to find someone willing to take a chance on you.

Since the lender will put more weight on the credit score of your cosigner than on your own credit report, so find a cosigner who has a very good credit score.

#3 Choose a Less Expensive Home

If you have been rejected for a mortgage on a more expensive home, you might qualify for a less expensive home.

If you are working with a mortgage broker like Marimark Mortgage, you should be pre-qualified for a home as the first step in the home buying process, which will let you know how much you can afford to spend on a home.

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Filed Under: Qualify For Home Loan Tagged With: Qualify for a Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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