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Investing Academy

Getting a mortgage approved

1 min read

Top 5 things lenders look at when approving a mortgage

Your income
Your net worth – This is the difference between what you own (cash, investments, your home and other real estate) and what you owe (any loans or mortgages you already hold).
Value of the home you’re buying – The lender needs to know your home is worth enough if it has to sell it to cover your mortgage debt. This is called the collateral for your loan.
Your credit score – Your credit report shows your record for paying bills and credit cards, and paying back loans on time.
The stability of your work and life situation

3 main risks for lenders

Interest rates can rise – People can’t keep up their monthly payments.
Housing prices can drop – People who sell their homes may not be able to pay back their mortgages. Sometimes their home is not worth what they owe to the bank.
People can lose their jobs – Without mortgage insurance, they may quickly run out of money to make their monthly payments.

Take action

Make sure you can show a lender that you are able to carry a 5-year fixed-rate mortgage — no matter what type of mortgage you choose.

Caution

The lender can take ownership of your home if you can’t make your mortgage payments.