Try this exercise to calculate your personal wealth ratio. Add up all passive income you have earned over past month. For this exercise do not include paper assets such as stocks and bonds. Divide your monthly passive income by your monthly expenses to get your wealth ratio. If that number is one or higher, you can consider yourself wealthy. For example:

$200 (passive income) / $2000 (monthly expenses) = 0.1 (wealth ratio)par This individual has enough passive income to cover 10% of their monthly expenses. Those that choose to be rich make it their goal to achieve a high wealth ratio.

Next, you can make things easier for mortgage company by providing them with a file containing all of information that you know they will need—organized and easy-to-read. For example, you should include your tax returns, income statements, employment records, credit reports, explanation of bad marks on your credit reports, bank and investment records, contract for your new home, all bank records, and cancelled checks or other evidence of your current mortgage or rental payments. This will save time of mortgage company having to ask you for all of this paperwork.

Finally, it won’t hurt to call and check progress every now and then. Mortgage lenders process thousands of loan applications, and you can make sure that yours doesn’t sit on bottom of stack by calling attention to it with a phone call.

To view our recommended sources for home mortgage loans, visit: Recommended Mortgage Lenders Online.