See to the following to increase your chances of getting approved for a mortgage.
1. Don't make any major life changes or financial decisions, such as changing jobs, quitting your job, or changing banks. Lenders like to see stability. Stability indicates responsibility, which means the buyer is less likely to default on the loan.
2. Don't make any major purchases, such as buying a car. Keep the money for your downpayment and your closing costs. Lenders need to see that you’re capable of these making these payments.
3. Don't charge big-ticket items to your credit card. This will increase your debt-to-income ratio, which will affect the quality of the mortgage you can get approved for. A larger ratio may lead to higher rates, for instance. Abstain from using your credit card and, instead, put your efforts into paying for your credit card debt.
3. Don't co-sign a loan for someone else. This will also affect your debt-to-income ratio. Your goal is to walk into the bank with the lowest debt-to-income ratio you can get.
4. Don't be late on credit card payments. Late payments affect your credit. Likewise, you should pay your bills on time. This is especially crucial in the months leading up to your mortgage application.
5. Don't apply for a new credit card. This opens your credit rating to some risk.