13 May

Improve your odds for Mortgage Approval

General

Posted by: Rita Wagner

By preparing ahead of time for a mortgage, you can increase your chances for approval. Don’t buy or lease big-ticket items or increase debt for 6-12 months prior. Purchasing things such a new car, furniture or major appliances worsens debt-to-income ratios, which can make you ineligible for the best available loan terms.  As well, all of those credit inquiries on your Equifax or Trans Union credit profiles can also have a negative impact on your credit score.