How to Get Approved for a Mortgage

How to Get Approved for a Mortgage

Part I: How to Get Approved for a Mortgage – Credit Score

Get Educated on Your Credit Score

In this article, The Cashflow Investor will provide step-by-step guidance on how to get approved for a mortgage. First, the most important factor that will impact your qualification for a mortgage is your credit score. Let’s determine what factors contributes to your credit scores:

1. Credit Balance (30% impact on your credit score)
2. Payment History (35% impact on your credit score)
3. Length of Credit History (15% impact on your credit score)
4. Credit Mix (10% impact on your credit score)
5. New Credit (10% impact on your credit score)

How to boost your credit score

1. Reduce debt-to-income ratio
2. Fix credit errors on your credit report
3. Slow down borrowing (applying for new credit cards or new loans)

Project your future finance by understanding your spending behavior

1. Get help from online calculator by banks or some finance blog and website

I’ve included the list of online mortgage calculator here.

2. Sign up for an online account to monitor your spending

I’d recommend using some apps like credit karma or credit sesame to monitor your credit.

How a FICO score breaks down by myFICO.com

References: What’s in My FICO Scores. Source from myFICO.com

Please Comment and Share this article. Thank you!

Subscribe to my blog and learn about my next posts!

Top Viewed Posts:

1. How to Generate $1,000,000 per year in Rental Income
2. Become a Top Real Estate Agent in 2018
3. Eight Must-See Motivation Youtube Videos
4. How to Create Great Content on Twitter

Welcome to THE KING OF CASHFLOW

As a happy student of life, Huy has discovered that life is a series of very interesting courses where he can’t just simply learn from books or schools. Fortunately, every person that he meets and every incident that he faces truly give him tremendous valuable lessons. The most important aspect of being a student of life is that he learns things with a great intention: to improve himself everyday.

With a strong background in finance and business, Huy will share with you great lessons that he has learned over the years. Let’s share our knowledge so we will learn from each other!