If you are looking at homes for sale, you need to start thinking about how you can better your odds of getting approved for a mortgage. Unless you have another way to pay for the home, such as in full and in cash, you will need a loan. To help better your odds of approval, check out the following:

Think About Who Could Co-Sign

It is great if you are able to get approved for mortgages all on your own. But sometimes, either due to credit scores or a tight debt to income ratio, lenders will ask if there is anyone that would be able to co-sign for the mortgage. This could be your spouse, parent, sibling, or friend. As long as they are approved, they are allowed to co-sign, even if they will never live in the home. Until you know whether a co-signer is needed, you will want to start thinking about who you could ask so you are prepared.

Stop Using Your Credit

Continue to make your monthly payments to all of your creditors and pay extra if you can, as this will reduce your debt to income ratio. Just make sure that from this point forward, you are not using any more credit cards or lines or credit. Do not open any new credit cards, even little department store cards. Do not get a new vehicle. Adding more debt, in a time when you need to be reducing it so you can be approved for a mortgage, is not a good idea. There are many people who make the mistake of going out and purchasing a new vehicle after being approved for their mortgage. However, when their credit report is pulled one last time before the closing date, they will see the new debt and could decide that you are now denied for the mortgage.

Increase Your Income

Whether it is getting overtime at work or getting a second part-time job, you will want to increase your monthly income. Even if it is just by a few hundred dollars a month, that can help show you have enough money to cover all of your expenses along with the new mortgage. Save that extra income to put towards your down payment so that is as large as it can be.

You will want to make sure that you are preparing for your mortgage application as soon as possible.