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.

http://www.canadamortgages.net/mortgage-approval-info.php

If you have additional questions or would like a contact to determine you preapproval price range you can contact Sara at sara.amos@century21amosrealty.com