Calgary Dream Homes / 4CalgaryBuyers

Direct: 403-850-0669 |

Mortgage Pre-Approvals: What Are They, and Do You Need One? Cathy McMurrich

 


There’s a common misconception among some homebuyers that if you’ve got a pre-approval, your mortgage is basically guaranteed. 

But this isn’t always the case. Having a pre-approval doesn’t automatically mean the lender will fund your mortgage. 
Below, we’ll explain what a mortgage pre-approval is and whether it’s worth getting one.
A mortgage pre-approval is a conditional approval granted by a lender based on a preliminary review of your financial situation and creditworthiness. While this preliminary approval usually requires a credit check, information about your debts and income are based on details you provide to your broker, which are then shared with the lender. A pre-approval is often based on that information alone, without the lender verifying the documents or knowing which property you’re going to buy.


FULL ARTICLE 

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.