Tips to Get Approved for an Apartment, Mortgage or Loan
The competition for landing your dream home or apartment can be stiff these days. So, you’re going to want to follow some tips to get approved quickly for an apartment, mortgage or loan. A few little changes can go a long way, so let’s get into some simple things you can do to improve your chances of getting approved and making your dreams come true.
Get Approved for an Apartment, Mortgage or Loan
First of all, check your credit score before applying. Whether you’re looking to get approved for an apartment, home or just a loan, the bank, and landlord, will look into your credit report to see if you’re responsible with your money. The main way they do this is by looking up your credit score. Your credit score shows how we’ll you’ve paid off past debts. So, if you have a history of buying big-ticket items, such as cars, and paying them off on time, that’s a good thing. According to Euqifax.com and FICO, your credit score is calculated based on “a person’s payment history (35%), amounts owed (30%), length of credit history (15%), new credit accounts (10%), and types of credit used (10%).” Just so you know, many landlords require a minimum score of 650 to qualify for an apartment. But, that’s not always the case, so it’s always best to ask. Of course, if your credit is poor, you’re going to want to fix it as soon as possible. You can find your credit score for free via CreditKarma.com or snag a copy of your full report via AnnualCreditReport.com.
This tip is just if you’re looking for a mortgage. Go big on the down payment. If you slap down a lot of cash on a down payment, you’ll have a much better chance of getting approved. That’s because the larger amount of money you put down, the more it reduces the loan-to-value ratio. Another benefit of a large down payment is that it can help you score the best mortgage interest rates. Also, use a mortgage calculator to figure out how much mortgage you can buy.
When all else fails, try to find a co-signer. If your credit is poor, find a co-signer with good credit to add to your application. It’s a big ask, since a co-signer is basically saying they’ll pay the rent, mortgage or loan payments if you can’t. But, it certainly helps. Make sure this is a trusted family member or friend. Something else that helps is to make a good first impression when you visit your possible apartment. If you come in looking like you partied all night, they’re probably not going to want you living at their place. It’s not a great way to get approved.
Do You Have More or Less in Your 401K Than Most People Your Age?
The average and median 401(k) balance by age
So, there you have it, the average and median 401K balance by age. The stats are from Vanguard’s “How America Saves 2023” report, which offers data on the average and median 401K account balances by age. Find the full report here.
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