Mortgage Pre-Approval vs. Pre-Qualification
Looking to buy your first home? Thinking about making a move? Here's how to make the mortgage process easier!




Getting Pre-Qualified:
Pre-qualification gives you a general idea of what you can afford. It’s based on your own assessment of your financial status, helping you set a budget and estimate monthly payments.

Getting Pre-Approved:
Pre-approval means a lender has verified your income and credit history and confirmed you qualify for a mortgage. It specifies the amount, term, and interest rate, making you a serious buyer in competitive markets.

Benefits of Pre-Approval:
  • Confirms the maximum amount you can spend
  • Secures an interest rate for 90-120 days
  • Shows sellers you’re ready to buy

Tips to Maintain Pre-Approval:

  • Avoid changing jobs or making large purchases
  • Don’t transfer large sums or open new credit accounts
  • Keep paying your bills on time

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Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415

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