Once the preapproval stage has been completed, you will have the green light to start looking for a property. After several visits, you have finally found a property and your offer to purchase has been accepted. The mortgage loan application process can now begin!
The four eligibility criteria
After analysing your needs, I will submit your file to the financial institution you choose. An underwriter will conduct a thorough study of your file, considering:
1- Your income;
2- The down payment;
3- Debt ratios;
4- The credit bureau.
A fifth imponderable criterion must be added: the property.
The lender will retain the right to reject a transaction if it does not like the property. The property is the guarantee for your loan, so it must be easy to resell.