Unless you’re in the rare position of being able to pay cash for a new home, you’re going to need a home loan to cover the cost. Obtaining a mortgage is more difficult now than it was before the 2008 recession hit, so it’s important to boost your chances of securing one.

Use the following tips to help you get the home loan you need:

  • Get rid of debt. Pay off credit cards, if possible, to reduce your debt-to-income ratio. Aim to keep this ratio lower than 36 percent.
  • Don’t apply for credit cards. Applying for new credit will lower your credit score, which can hurt your chances of getting a mortgage.
  • Fix your credit score. Make sure there are no errors on your credit report, and immediately correct any errors that you might find.
  • Offer a higher down payment. Make an offer of 20 percent or more, if you can afford to. This is a big help if your credit score isn’t high.
  • Take your time. Give yourself at least six months to financially prepare to apply for a mortgage.

Need more professional advice on obtaining a mortgage? Speak to a United Real Estate agent, and check out our Facebook page.