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The housing market is full of sellers and potential buyers and it would seem that in many markets that a home could sell quickly to the first available buyer. However, that is not the case as there is an underlying reason why some buyers are rejected: their credit is not good. It almost seems that the market is saying one thing but telling another: Only Those With Good Credit Need Apply. If you are looking for a home, do you measure up? If not, you could be in for a rude awakening.

It is a fact: if your credit rating is good or excellent, then you stand a chance of obtaining that home you put a bid on. In fact, you stand an even better chance of getting that house if you walk into the home with a mortgage pre-approval letter in hand.

There are several things that can work against you being approved for a mortgage loan and they all center on risk which is determined by your credit rating: the better your credit the lower your interest rate and the better chance you will be approved for a loan in the first place.

Yes, before applying for a mortgage or placing a bid on a home there is something that you must uncover: what is your credit score? By obtaining your three credit reports and credit scores via AnnualCreditReport.com you can find out exactly where you stand. If your credit scores are good or excellent then go ahead and apply for a mortgage. If not, you may need to spend some time fixing your credit before applying.

To fix your credit you can:

Consolidate debt and pay down your existing balances.

Pay your obligations on time.

Correct any errors found in your credit reports.

Put a freeze on your credit: do not apply for credit while repairing your current credit standing and do not use your current credit cards to run up higher balances.

After you accomplish the above:

You can run your credit reports and scores again some six months later to see if your credit scores have rebounded. If not, and you still want a home, then apply for a mortgage knowing that you will receive a higher interest rate mortgage.

So, that's it. You may be approved for a mortgage or you could be turned down. Correct your current financial condition for a better chance of getting the home of your desires.