How Mortgage pre-approval works in Canada?
Are you planning to buy a new property in Canada? Also you might be wondering “ how to get pre-approved for a mortgage to finance your new home?”. Well, while you can gain a pre-approval rather fluently, you would have to make sure that you're doing it right. Carrying a pre-approval can make it much easier for you to secure the loan. What's a mortgage pre-approval? A mortgage pre-approval is evidence that a loan officer has gone through your credit history, debt, income, and means. While approving the mortgage, the loan officer would determine the quantum of plutocrat that you may adopt, what the interest rate for the mortgage should be and how important you can pay in a month. Which is better preapproval or prequalification? Individualities frequently confuse mortgage preapproval and prequalification as the same and use the terms interchangeably. In reality, still, the two are relatively different. Then how the two differ Mortgage prequalification The crucial