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:
- Credit score.
- Income/savings.
- 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!
