
Affordability
Mortgage affordability is a crucial factor to determine before you start searching for any properties. This information will help you get an idea about properties that are affordable and suitable for your needs. This is a ratio between the financing cost of the property and the borrower's income.
A general rule to follow is that the property expenses should be around one third of the borrower's total income.

Pre-approval Process
The lender has checked the potential buyer's credit and verified the documentation to approve a specific loan amount (the pre-approval usually lasts for a particular period, such as 60 to 120 days).
The lender will provide information about the maximum amount you can borrow, which will help set the price range.
You will also need to show documentation to prove your assets and income, good credit, employment verification, and more. This is necessary in order to be pre-approved for a mortgage.

Approval Process
This stage is the official approval stage, in which the underwriter is the key-decision maker. They evaluate all the documentations (example include but not limited to: property condition and value , Agreement of Purchase and Sale and updated Credit checks ) and approve or reject the loan based on that information.
Here are a few tips to help you get a mortgage approval faster:
- Save up a larger down payment
- Don't quit or change your job
- Check your credit score
(Note that Transunion or Equifax are the two acceptable credit reporting agency)