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.

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