Did your preapproval come back short? Follow these 3 tips to instantly increase your preapproval amount ✨
✨1. Lower your debt-to-income ratios: Your debt-to-income ratios are the amount of debt you have compared to your income. If you can pay off some of your debt or increase your income, you will qualify for a larger mortgage amount.
✨2. Increase your down payment: A larger down payment can help you qualify for a larger mortgage amount. Consider saving up for a larger down payment, or even using funds from other sources like a gift from a relative.
✨3. Find a cosigner: Getting a cosigner for a mortgage can be a good option if you're having trouble qualifying on your own or are wanting to increase your approval amount. A cosigner is someone who agrees to take on the responsibility of paying the mortgage if you're unable to do so. However, it's important your cosigner has a strong credit history and financial stability to increase your chances of approval.
✨4. BONUS *Call me*
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