What to do if you're turned down for a mortgage

So you've found your dream home -- maybe it's the four-bedroom detached with gourmet kitchen and en suite bathroom, complete with Jacuzzi tub -- and you're just waiting for the bank to approve your mortgage before you go shopping for new furniture and stainless steel appliances. Then you get the news: Your application was turned down.

Mortgages are typically rejected because of credit problems, such as a recent bankruptcy, being behind on your bills, sporadic employment, too much debt, or not enough income.

If any of these instances sound familiar, don't despair. A problem with your application doesn't mean you'll be stuck paying rent and someone else's mortgage for the rest of your life. If your bank says 'no,' that doesn't mean it's the end of the road for you, there are alternatives.

Alternative lenders, such as Alta West Mortgage, back mortgages for people who otherwise wouldn't qualify with a major lender.