Follow these Tips for a Strong Portfolio when it Comes Time to Apply for a Mortgage

February 04, 2014

Be Ready for Your Chicago MortgageWith Chicago mortgage lenders taking a deeper look into your finances and requiring larger down payments from buyers, you may need to adjust your spending habits and financial lifestyle to match these requirements if you are planning to purchase a new home soon. Thankfully, the

Equifax Finance Blog has some money management tips to help you get on the path to homeownership!

Focus on these tips to build up your down payment so you’ll be financially prepared to make an offer:

  • Know your credit score. Don’t be afraid of your credit – confront it and know your score, and practice responsible credit behaviors that will help your credit grow. Your credit score is a measure of how you trustworthy you are with borrowed money, so do things like keep low balances on your credit cards, pay your bills on time and make sure that you pay them in full.
  • Cut your spending. Too often, we spend money without really thinking about whether or not that expense is really essential. This leads to a great deal of waste. Instead, first determine what the most important items are in your household budget and then prioritize your spending so those things are covered first. You’ll likely find that you are spending money on things you don’t really need, and simply being aware of that will help you start cutting back on unnecessary spending.
  • Save more money. Evaluate how much of your money you are saving. It’s likely that it isn’t enough for an emergency fund, let alone enough for a home down payment on a home. Look for a little extra room in your budget – your priorities list can help – and invest or set that money aside rather than spending it.

Before you know it, you’ll be ready to confidently apply for a loan. Check the Equifax Finance Blog for more advice about

credit scores, saving for retirement, setting a family budget and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

Leave a Comment