It is always a great idea to be preapproved before purchasing a property, especially as first time home buyer. That being said, have you ever been declined by a lender? Are you confused as to why?
Your application can be influenced by:
- Yearly salary
- Debt to service ratio
- Down payment size
- Type of home
- Bonuses and commissions
- Net worth
- Credit History
There are many steps involved, financial influencers and people you can go to for help. Below is a great article on the application and approval process, it will give you a better insight on what determines yes and no.
If you have additional questions or would like a contact to determine you preapproval price range you can contact Sara at firstname.lastname@example.org