Sentences with phrase «to approve a mortgage application»
"To approve a mortgage application" means to give permission or consent for someone to be granted a loan to purchase a property, based on their financial and creditworthiness. Full definition
Banks must adhere to a stringent process before approving mortgage applications.
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An assessment of how much risk a lender takes on by approving your mortgage application.
For many mortgage lenders, having a home appraisal done is a requirement for approving the mortgage application.
Large Canadian banks will only approve a mortgage application if the applicant has a good credit score.
The majority of Canadian banks require a high credit score when approving mortgage applications.
Apart from the fact that they may likely approve your mortgage application, you may be able to get the mortgage at a very good interest rate.
As a mortgage analyst I want to implement my knowledge in the field of mortgage loan operations, underwriting and various policies and procedures involved in the process of approving mortgage application.
Banks won't just approve a mortgage application for anyone who comes in off the street.
Analysts say it's because lenders have to do extra work in approving mortgage applications due to increased scrutiny and tighter lending regulations.
Before approving a mortgage application the lender will check the value of existing mortgages and get an estimate of the selling price of the property.
Also, it is not automatic that banks will approve your mortgage application if you have good credit score.
Private lenders are only interested in the value of a property and all its debts when approving mortgage applications.
To consumers, it plays up its ability to approve mortgage applications quickly — a dig at a banking sector steadily more concerned with OSFI compliance.
While unapproved lenders can originate VA mortgages, only those with unsupervised automatic authority can approve your mortgage application on their own without consulting the VA..
The lender does not check out all of the information the borrower provides, does not charge a fee and does not actually agree to approve a mortgage application in the amount the home buyer is pre-qualified for.
The amount of time it takes to approve a mortgage application will vary by lender, and by current market conditions.
Private lenders focus on the market value and existing debts on a property when deciding whether or not to approve a mortgage application.
The mortgage lender will use the appraisal in deciding whether or not to approve a mortgage application, and exactly how much money may be borrowed.
Banks mainly look at credit score to approve a mortgage application but that is no major concern for private lenders who only need to calculate LTV.
Private lenders are keen about market value and existing debts on a property when deciding whether to approve mortgage applications.
Banks and credit unions need to see a credit score of 550 or greater before they can approve a mortgage application.
Banks and other lending institutions want to see a credit score of 600 or more before they can continue to approve your mortgage application.
Canadian banks need to see that you have a high score for them to approve a mortgage application.
Institutional lenders and banks require high credit scores in order to approve mortgage applications by clients.
All Canadian banks and other lenders look at credit scores before they approve a mortgage application.
This may encourage them to approve your mortgage application.
If you have bad credit, it is unlikely that a bank will approve your mortgage application.
Banks and credit unions have strict credit score requirements before they can approve a mortgage application.
Banks and Credit Unions will need to see a credit score higher than 550 to approve a mortgage application.
An approved mortgage application is one of the important things you'll need before you can get your dream home.
The amount of time it takes to approve a mortgage application will vary by lender, and by current market conditions.
If you plan to buy a house in the future, there are several things you need to know now about how banks make decisions on approving mortgage applications.