What Affects My Ability to Get a Mortgage?

Going through the mortgage process is actually fairly simple if you go in armed with some knowledge first. Everyone has a different backstory that contributes to their mortgage, their rates, their payments and their term.

The circumstances in your life have an impact on your mortgage.

  1. Do you already own property?
  2. Do you have other debts, like a vehicle or student loan?


Owning property or other large assets counts as collateral against a loan and makes it easier to secure your mortgage, however, elements like recurring debt might hold you back from borrowing a huge number. It’s the lender’s responsibility is to ensure you can handle the mortgage with ease.

Having capital to put down or just sitting in an account also has an impact, as lenders want to see what your financial history looks like. It’s all a balancing act for the broker as they try to secure the best deal for the client – a deal they’re comfortable with.

In the end, the credit of the borrower in addition to the conditions of the loan – the interest rate and the amount of principal being paid – is the deciding factor when it comes time to sign on the dotted line.

Want to know if you qualify?