How do I get approved for a mortgage?

December 13, 2020

1 thought on “How do I get approved for a mortgage?”

  1. For you to get approval for a mortgage, there are four main determinants:

    • Your incomeTypically, lenders will be interested if you’ve had a steady income for at least the past 24 months. Have supporting documents ready, including employer information and gross annual income. 
    • Down payment Having a larger down payment shows your financial commitment and passes less risk to the mortgagee, making your application more likely to be approved. However, it is still possible to obtain a mortgage with a low down payment.
    • Assets and liabilities Your total assets and other liabilities such as car and student loans determine your ability to make payments towards the debt. These contribute to your Total Debt Service, which is the ratio of how much you earn versus how much you spend on debt repayments. It is advisable to keep this ratio low to get your approval for another loan.
    • Credit history – If you repay your other debts fully and on time, it is easier to get approval, given that you have a steady income and a down payment ready. If you have defaulted on a loan before, you may receive a higher interest rate or not get approval at all.

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