Here are some factors that determine your eligibility for a mortgage ¹:

 Income: Lenders look at how stable and predictable your finances are. If you have a high income with stable employment, you have a higher chance of qualifying for a mortgage.

Assets: Lenders perceive borrowers with high-value assets as less risky. Assets are considered a financial cushion that can help you in case of emergencies.

 Debt-to-income ratio: This is a percentage that shows how much of your monthly income goes toward your debts. A high DTI ratio means you're overleveraged and aren't in a good financial position to take on more debt.

Credit score: A credit score is a three-digit rating that suggests how reliable you are as a borrower. The higher your credit rating, the greater your chances of mortgage approval.

Down payment: Most financial advisers recommend saving for a 20% down payment. This is a sign that you can consistently save funds and reliably pay back your debts.