If you are one of the people having trouble getting a mortgage approval, don't feel too bad. This is an extremely normal scenario. Many people face mortgage problems brought about by credit stains that they have acquired in the past. So here are three short tips for you to be able to regain that credit credibility and get your mortgage approved.
1. Settle Your Credit Card Dues
The best and easiest way to spruce up your credit is to prove that you have little to no debts. This is the best way to prove that you have no other financial liability aside from your needs, which simply implies that paying for one debt that is your monthly mortgage is not difficult for you. So if you have any outstanding student loan, credit cards, or other debts, get them paid asap so you can reapply for a mortgage once again. If possible, try and avoid adding in more debts or loans as these would likely show up on your records and hinder you from getting a mortgage approval.
2. Check Your Credit Report
If you have not checked your own credit records, it may be a good idea to do that now so you can see what the lender sees. If you know what's going on in your credit report, you would easily spot which part to fix. Not only that, there may be errors in there as well, such as paid loans that wasn't updated or missed payment that got repeated. These types of errors can easily be corrected through phone calls and complains. Each time you correct an error, you will be one step closer to getting your mortgage approved.
3. Start Paying Bills On Time
Every late payment affects your credit report. And with so many payments to be made, it can be difficult to discipline yourself in paying them before the due date. But if you want to get a mortgage approval, you should start organizing your income and expenses to make sure that all your bills are paid on time.
