3 Ways to Get An Approval on that Mortgage

mortgage application

Photo credit David Franklin

So you’re interested in buying the property right across the street but don’t have enough cash to pay for it. Well the answer for that is to get a mortgage. However getting a mortgage can be a bit tricky. Lenders nowadays has a very strict rule and system when approving mortgages. But no worries, there are 3 steps to help you out in getting that approval.

  1. Having A Stable Income

Lenders would check if your income is sufficient to cover up for your loan vs the expenses you have or expenses you have to pay (this could be credit card payments, car loans, student loans etc.) They would check if your income comes in steadily and won’t be an issue during the process because of too much spending or because you don’t have enough money in the bank to cover all your expenses.


Having a stable job or being in a company for 2 years or more will show that there’s a continuous flow of income in your household. That will definitely serve as a guarantee to the lenders that you can pay off the loan and will give you that first step to your loan approval.


  1. Check Your Credit History

A good credit score is another step to take in making your way for that approval. For those who’s not familiar with the term, A Credit Score is a number/analysis that represents your credit history or your credit files. calculator-385506_1280.jpg

Lenders always check and analyze your credit score to see if you’re worthy for their loan approval. They would check if you’re a delinquent on your payment responsibilities or a person who always pay on time and has no bad credit record.

Pay your bank/credit card accounts on time! Make sure that the money you have store with you will be enough to pay off your credit debts. Before you purchase anything using your card, check and think if you have enough money to pay for it. How? First of course, you need to have a job/income that could cover your daily expenses. Second is to have money in the bank. Save up! In case your salary did not come on time (which rarely happens) or it’s not pay day yet, you would have an alternative to withdraw from your bank to pay off your bill.

Having a good credit score or a good credit history is way that will help you when applying for loans. Besides, other establishments uses credit score to check if you qualify for their service or not. They can be bank, insurance company, mobile phone companies etc.) Having a great credit history will show that you are a reliable and a responsible person.


  1. Last but not the least: Check If You Have Any Debts

Just like in step 2. Lenders would check for your past or current loans, if you have an existing debt to pay or a huge amount of debts on your name. This is definitely one way for lenders to deny you your loan.


Spending wisely is the key. If it’s not something that you really need, don’t buy it.If it’s for your entertainment purposes or just for the heck of wanting it or being on trend, be patient and wait to have enough money before you purchase them. Buying stuff which amounts to a month’s supply of food for your household is not a practical way of spending. It’ll will cost you not only your loan approvals but also a good credit score. Buying expensive stuff that you can barely afford will lead to a mountain of debts. So spend wisely and just buy stuff that is necessary and if there’s enough money to spare then go ahead and buy that new model of cellphone or that brand new car. In the meantime save up, save up, save up until you have enough when rainy days come.


I hope that I was able to enlighten you today. If you’re planning on applying for a mortgage/ a loan just follow these three steps and surely you will get that BIG approval for your loan application. Till then.





Credits and Sources: — “Thank You”

Top Three Reasons You May Have Been Denied That Mortgage Tony Wahl

What is a Bad Credit Score? Gerri Detweiler

3 Surefire ways to get your mortgage application denied Leeann Teagno

2 Credit Score  ; Debt-to-Income Ratio Wikipedia

photos: David Franklin; pixabay


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