A mortgage is a loan used to purchase a piece of real estate. So, it’s likely going to be one of the largest loans you ever apply for, both in size and duration. However, on the other side of the coin, it’s a secured loan, since the lender will be able to foreclose on the mortgage and take possession of the house if you fail to repay the loan, so mortgages present relatively low risk to the lender. For that reason, despite the large sum of money being provided, banks and other lenders are generally more likely to approve a mortgage at a decent rate than even a much smaller unsecured personal loan or line of credit. In general, the main qualifying factors for getting a mortgage are: Your current (and expected future) income Your current level of debt (as well as other fixed expenses) Your credit history The higher your income, the larger the mortgage for which you can typically qualify. The lower your debt and expenses in relation to your income (aka debt-to-income ratio), the better your chances of being approved for an affordable mortgage. And, the higher your credit score, the lower the interest rate a lender is likely to offer on the loan, though some lenders, like the expert-rated picks below, can more bad-credit-friendly than others.