During the preapproval process for a mortgage, you might wonder what do the lenders consider. The process for getting preapproved can vary from lender to lender. Typically, a lender will review information about the applicant’s financial status to determine their qualifications, which can include items such as income, job history, monthly bills, and expected down payment.
During the preapproval process, prospective home buyers should avoid making any significant changes in their personal finances, like opening new credit cards or taking out loans. It can affect your credit score and DTI ratio. Making a large purchase, like a car, can also affect your DTI, as well as cash reserves if using cash payments.
Applicants should also make sure to completely fill out the preapproval application with information that’s as accurate as possible. This can help prevent unnecessary delays in the process. Lenders will continue to evaluate a borrower’s eligibility until a house is closed on, so it’s important to stay in good financial standing throughout the home buying process.
Check out below to see what home is currently listed for sale in Steeplechase in August 2025:
17237 Briar Ridge Court, Northville: 5 bedrooms, 4.2 bathrooms, 4,215 sq. feet, 3 car garage, Listed Price: $1,121,000
Steeplechase Home Listed for Sale
August 2025
While mortgage preapproval may help indicate what type of mortgage a borrower may qualify for, it doesn’t guarantee final approval for a loan. Many factors can impact what ultimately happens with a mortgage. For more information on Steeplechase, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.