So, you've decided to take the big step and look into getting what will likely be the biggest loan of your entire life: a mortgage. Applying for a mortgage can be a bit of a nerve-wracking process, especially if your financial history is anything less than perfect. However, you shouldn't let a few denials get you down. There are always some things you can do to regroup, reorganize, get a better handle on your finances, and improve your chances for an approval with your next application. Before applying for a mortgage loan you should consider...

1) Having good savings

Having decent savings is an absolute must before walking into a lender's office and asking for a mortgage. First of all, most lenders are likely going to require some sort of down payment, meaning that you will need to be able to make a large payment up front. Lenders are also much more likely to approve you for a loan if they see that you will actually have the means to pay them back in the foreseeable future. If you come in with very little cash to your name, then you may be seen as too much of a risk.

2) Trying to bring down your debt

On top of having some savings, you need to make sure to bring down your total debt before asking someone for yet another loan. You don't need to have every single one of your cards paid off in order to apply for a mortgage, but you also shouldn't have other creditors chasing you for overdue payments. Your mortgage lender will be interested in how much debt you currently have and how you are coping with payments, so try to have it under control before applying.

3) Setting your sights on a more affordable property

If your mortgage application is constantly getting denied despite the fact that you have decent savings and little debt, then you may need to think about choosing a different and more affordable property. It may be hard to lower some of your expectations, but sometimes setting foot on the property ladder means having to make certain compromises. If you need to ask for a smaller loan, then you'll have a much easier time getting approved.

4) Finding a financially stable co-signer

If none of the above strategies work and you really want to become a homeowner, then you can also consider getting a co-signer on your loan. You will need to find someone who is financially stable and who has a great deal of trust in you and your ability to make your monthly mortgage payments. Having a co-signer can help you appear as much less of a risk to potential lenders.