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EP18 Can a Mortgage Can Be Denied After Pre-Approval?
Manage episode 458377696 series 3624899
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This episode explains the mortgage pre-approval process and why a mortgage application might be denied even after pre-approval. Key factors include changes in employment or income, credit score deterioration, increased debt, and issues with the property or appraisal. The conversation also highlights the role of the Canada Mortgage and Housing Corporation (CMHC) and the importance of including a financing condition in offers, especially for high-ratio mortgages. Finally, it offers advice on improving your chances of mortgage approval, such as improving credit score and reducing debt. The overall aim is to inform prospective homebuyers about potential pitfalls and strategies to secure a mortgage.
https://www.houseinbrampton.ca/communities/bank-estate-sale-properties/
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