As an  award winning Century 21 Fusion SASKATOON REAL Estate agent  I know the city and surrounding area extremely well, and I take action to sell my client’s homes. I strive to find them the perfect new place to live while negotiating the best terms and price possible. I love what I do and I take great pride in providing excellence in customer service to all of my clients, I feel blessed to live in Saskatchewan and I am a TRUSTED SASKATOON REAL ESTATE Agent .
 So what are the 4 things that will kill your mortgage approval?
After working hard and saving your downpayment, even with a good credit rating and ticking all the boxes, there are some key points to be aware of, please avoid these 4 things to ensure you can continue on the path for the house of your dreams without delay.
Buying a Vehicle
Before making any decision on a new vehicle, check with your mortgage professional. You need to ensure that the numbers you provided on your mortgage application hold true in order to be approved!
Changing your Credit or Payment Routine
Before putting extra money towards a debt or changing your payment schedule, you must check with your mortgage professional. Again, anything that doesn’t align to the information you provided on your mortgage application could put your approval in jeopardy.
Changing Jobs
There are many opportunities and challenges that come with any job, but before deciding to drastically change your employment situation, keep the following in mind:
- If you are accepting a new position you need to ask if you will be given a probation period. Any mortgage lender will not accept probationary employment on a mortgage application.
- If your income situation is changing, such as receiving bonuses, overtime, or commissions, you could be putting your approval in limbo. This is risky because these job perks require a 2 year history before a lender will accept them as income.
- If you can’t stand your job any longer and are considering leaving the position, you need to talk to your mortgage professional immediately. The information you provide on your application must check out, especially when it comes to your employment. Most likely, you will need to wait to leave your job until after the mortgage has been approved and you’ve taken possession of the home or you’ll risk losing your dream house.
- If you are considered a contractor or self-employed person, you must provide a 2 year history in order to be approved for a mortgage. If you are considering going into this line of work you’ll need to wait until after you take possession.
Late payments
While waiting for your mortgage to be approved, make sure you make every payment early or on time! If your credit experiences even a slight drop because of a late payment or maxed out credit card, a lender will not approve your mortgage and will cancel the application.
Getting approved for a mortgage doesn’t have to be difficult! As long as you do your due diligence and know all the information, you will be on the path to a happy home-buying process.
Contact me your Trusted Saskatoon Real Estate Agent, I am looking forward to helping you find your new home in sunny Saskatoon, Warman  and area.
