Mortgage Prequalification and Mortgage Final Approval Aren't the Same Thing

Being prequalified or conditionally approved for a mortgage is the best way to know how much you can borrow. A prequalification gives you an estimate of how much you can borrow

A prequalification gives you an estimate of how much you can borrow based on your income, employment, credit and bank account information. This might be done even before you find a unit.

Approval comes after the mortgage provider has analyzed your finances carefully and approved the unit’s documents. They'll tell you how much you may be able to borrow and how much your installments might be.

Prequalification doesn’t guarantee you'll get a mortgage, but if all key factors stay the same it's very likely.

 

Talk to Us and Get a Free Pre-qualification

Call us today on 17151 and ask anything related to Mortgage