The Most Important Thing to get your Mortgage Approved

We all know the most important thing when trying to get a mortgage is high income...or is it? We recently did a poll amongst our Grande Prairie mortgage team of what's most important for our clients in obtaining a mortgage between high income, low debt, high credit, or high savings and the results were:

1. Low debt

2. High credit

3. High Income

4. High savings

With 15+ years of experience and over a billion dollars of mortgages funded we've helped thousands of people get mortgages and we've found the same thing to be true time and time again. Clients who have a modest income but low debt can usually qualify for a mortgage amount they want. Clients who have a modest income but high credit score are also often successful in their homeownership goals. On the flip side when a client has high income but also high debt and/or low credit those mortgages can be more difficult to get approved (not impossible but more difficult).

Our mortgage team has experience helping clients at all income levels with different credit scores, debt amount, and savings. Our goal with every mortgage is figuring out how to get the client approved. If we cannot find a lender option for them right now, we give them a plan on how to be able to purchase in the next 6-12 months.

Our mortgage approval plans usually outline credit building tips which you can find here along with debt repayment or vehicle refinancing options to help set our clients up for future success.

If you are ready to begin your homeownership journey or need a plan to get you approved in the next year our Alberta Mortgage team is here to help! Reach out to GM Mortgage Team today for expert mortgage advice and a fast mortgage approval in Grande Prairie and beyond!