A Pre-Approval Does Not Guarantee a Mortgage Approval

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Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval.

But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the documentation before you transition from pre-approved to approved.

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Original Article Source Credits: Canadian Mortgage Trends, https://www.canadianmortgagetrends.com/

Article Written By: Ross Taylor

Original Article Posted on: April 27, 2021

Link to Original Article: https://www.canadianmortgagetrends.com/2021/04/a-pre-approval-does-not-guarantee-a-mortgage-approval/