The Mortgage Approval Process

Do you know what the mortgage approval process looks like? Well, here’s a snapshot:

The mortgage approval process is determined by three main factors:

1. Credit score.
2. Income/savings.
3. How much money you put down on a house (or the loan-to-value).

The higher each factor is, the easier it is to get a loan. Why? Because there’s little to no risk for a mortgage company. You’ve proven you’re financially stable.

What if one of these three factors aren’t good? Well, you need to find a way to balance things out.

To learn more credit strategies and debt management, contact us!