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Pre-approvals and pre-qualified mortgage loans are two very DIFFERENT things in the Canadian mortgage-lending world.


PRE-QULAIFICATION: Today, this is really just an interest rate hold. Most often a client’s mortgage application is run through a computer-scoring model. This process simply makes a decision based on what is entered. No underwriter actually verifies the application. Put simply, a pre-qualification says, “Based on what you have told me, I could possibly give you the mortgage loan, provided what you have told me is true.”


PRE-APPROVAL: This means exactly what it sounds like. A mortgage lender actually looks at the application, checks your credit, calculates payments and affordability etc. and has a mortgage loan waiting for you subject to finding an acceptable home. The pre-approval letter represents an actual commitment on the part of the lender.


The latter of the two “pre-approval” is the optimal way to go. Your rate is booked, you have been qualified and you are clear about how much you can afford. You can now go out with your mortgage pre-approval and shop for a home with complete confidence knowing your mortgage financing is ready to go. If you need a pre-approved mortgage, please call me at 604 649-5991 or toll fee at 1-800-687-9020 or email This email address is being protected from spambots. You need JavaScript enabled to view it.