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3 Tips for Getting Your Home Loan Application Approved December 3, 2018

Downtown Honolulu, Honolulu
3 Tips for Getting Your Home Loan Application Approved, Honolulu, Hawaii

For first-time home shoppers, securing a home loan can be an intimidating process. However, with a bit of preparation, your mortgage application can get the green light towards home ownership. Here are a few helpful tips for improving your loan approval chances.

How to Get Your Mortgage Approved

1. Balance Debt to Income

Most lenders will look at an applicant’s debt to income (DTI) ratio, which compares monthly bills to take-home pay. Ideally, the ratio should be no higher than 36%. Keeping the percentage low means an added mortgage payment won’t stretch the borrower’s financial obligations past a breaking point. If your DTI is higher than 36%, pay off credit cards and other debt before applying for a home loan.

2. Review & Fix Credit Reports

mortgageEach year, you’re entitled to a free credit report from the nation’s leading bureaus, Equifax®, Experian®, and TransUnion®. Request yours and thoroughly check them for any mistakes, such as incorrect addresses, employers, and name spellings. Double-check that paid off accounts are reflected in the reports. Then contact the bureaus in writing and ask that all mistakes be corrected. Accurate reports will improve your approval odds.

3. Start Saving

Two to six months’ worth of income in your savings looks good on a mortgage application, showing you’re prepared for financial emergencies. Depending on the loan type and amount, the savings may compensate for a less than stellar credit score when you’re being considered for approval.


With time and due diligence, you can take the necessary steps to help get your home loan approved. Aloha Mortgage, LLC in Honolulu, HI, is your trusted partner to get you there. Serving all of Oahu, the locally owned mortgage broker has helped clients achieve home ownership for over 20 years. The agency specializes in providing a variety of loan programs and the best interest rates. If you’re ready to start the mortgage process, call (808) 255-9366 today. Visit the website for more information on the firm’s services, including refinancing and reverse mortgages.

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