mortgage pre-approval in Vancouver


Many new homebuyers may not know the difference between mortgage pre-qualification and mortgage pre-approval in Vancouver. Even though these two terms are easily confused with one another when it comes to obtaining mortgage rates, there is a big difference between them.

You typically have two options when it comes to obtaining a mortgage. You can either go to your bank or to your mortgage consultant. 

When you go to the bank, you are questioned about your income, debts and the down payment.  The bank advisor will enter your information in their system and provide you with acceptable figures you can borrow from the bank, as well as the current rates. Frankly, you will likely get similar numbers if you punch this information into any online mortgage calculators. This process is called pre-qualification.

However there are more steps involved in the pre-approval process. Your lender will check your credit scores, verify your income based on your documents (such as T1,T4, NOA, financial statements if self employed) and finally they will verify the source of your down payment.  Most lenders will provide a pre-qualification until you find a property and only then will they start the process of approval. You will get approval based on your income verification and credit score and rates at the time.


Your mortgage consultant will do more than just plugging the numbers. They will take the extra step initially and provide you with a more accurate picture. They are able to compare your situation against a list of lenders and guidelines to find suitable solution for your needs.

By completing the steps below ahead of time, you will eliminate any surprises, and make the process less stressful for yourself.

Nothing is wrong with getting a prequalification, but always ask for a rate hold if you think the rates are going up. Most of the lenders provide 90-120 days rate hold and your mortgage consultant can take care of this process when they review all your files.

Provide all the documentation/information proofing your income, assets, and liabilities. This will help your mortgage consultant to determine your gross and total debt services, which are determining factors for your mortgage rate and choosing a lender and product.

Getting a credit check is extremely important, your mortgage consultant will probably ask you to sign a credit consent form to check your credit and strategies your plan according to what shows up on your credit bureau and your credit score. Another advantage of going through mortgage consultant is you will only have to check your credit once, and they will shop around the rates and products. Multiple credit checks will weaken your score.

There is small handfull of lenders that will provide you with pre-approval without under writing your file before you have an actual property. The downfall is that the rates are typically higher.

Give me a call today and we can go through all the steps, and we will check them to meet your specific, unique situation. Every client is different, and luckily we have many different options to choose from to meet your needs. It’s totally possible to love your mortgage, and the process of getting it.

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