Ready to buy a home but unsure where to start? If you're like most people, you'll probably need mortgage, but do you know where the best place is to get one? Or where's the right place to look for more information? The first place you'll probably think of is the bank, but did you know that's not your only choice?

Mortgage financing can be obtained from:

	Savings and loan associations		Mortgage bankers
	Commercial banks		Mortgage brokers
	Credit unions		Insurance companies

Some of the larger real estate agencies have also developed mortgage lending wings, and some real estate agents are also licensed mortgage brokers, or are able to refer clients who want to avoid banks to alternative lenders.

If You're Not Afraid of the Bank, A Traditional Mortgage is Right For You

Commercial banks and mortgage bankers are a good choice if your credit history is average or better, you've had a steady job that pays you at regular intervals (for example, every two weeks) for two years or more, and you've managed to save up enough cash for your down payment.

Click here for some tips on how to prepare for your meeting with the bank, including a list of the information you'll need to bring.

Think the Bank Will Turn You Down? You Might Need a Non-Traditional Mortgage

While banks will consider lending mortgages to applicants who don't match the traditional description, you might want to explore other options if any of the following apply to you:

	Your work is irregular or seasonal.
	You have gaps in your work history.
	You haven't saved up a down payment.
	You declared bankruptcy in the last three years.
	There was a foreclosure on your home in the last three years.
	Your wages are being garnisheed to cover other debts.
	You have credit card debt you don't pay off each month.
	Your debts have ever been referred to a collections agency.
	You've ever failed to repay a loan.
	You are in arrears in your alimony or child support payments

You are more likely to qualify for a non-traditional mortgage at a credit union or savings and loan association. Banks are all about the numbers. If the numbers say you don't qualify, they usually turn you down.

A credit union or savings and loan association is more likely to take other factors into account, or to give you the benefit of the doubt.

If the bank turns you down, you still have options.

If they decide you're a bad risk because you don't pay your bills on time, try to make sure and pay at least the minimum amount required on all your bills before the due date.

If they think you don't have enough savings, you could start to put aside a few dollars each week or month to build your savings account.

The things that banks hold against you when you apply for a mortgage can hurt you in other parts of your life as well.

Instead of getting angry if you get rejected, learn why so it won't happen again!
If you have been turned down by a bank, don't lose hope! You might still qualify for a non-traditional or high-risk loan.

Mortgage brokers and alternative lenders value more highly non-financial factors that banks tend to ignore.

Mortgage brokers and alternative lenders are also willing to accept more risk than banks. Even if you are technically a bad risk for a loan, your mortgage broker might be willing to approve your application anyway.