One Main Problem and Solution to Getting a Mortgage
You have wanted to get a mortgage for quite some time now and yet you are hedging because you are afraid of being turned down. That is reasonable but really, why will they turn you down? Doing business with you means that they get more money right? So why say no in the first place?
That question is easy enough to answer. The mortgage lenders will say no to your application if they see that you cannot handle your finances. You might be asking how those guys will do that. That is easy to answer and it is quite simple, they will know by taking a look at your finances of course; they will take time to see how much money you make and how deeply in debt you are. They want too see the ratio of your debt to your income so that they will know if you are a sound investment or a high-risk one. Remember that is a loan you are getting and you will need to make loan payments. How can you make those payments if you are already in debt? Getting a loan also means that you are adding to that debt and they might turn down your loan if your plans are too grandiose. Oh they might approve your loan, but it might be a significantly lower amount than what you wished. It is time to wake up and smell the coffee. Your massive debt may just be hurting your chances of getting your mortgage approved.
But luckily, you may still able to fix things and turn the tides in your favor. There is a very simple solution to this problem; see, all you have to do to fix this is that you take steps to make sure that you reduce the amount of your debt. It sounds simpler said than done, everyone knows that. But of you really want that significant amount for your mortgage then you need to shoe the lenders that you have control over your finances. You can pay off your debt little by little until you have significantly reduced the amount.