Getting preapproved for a mortgage
When you’re shopping for a mortgage, you can compare options offered by different lenders.
Mortgage lenders have a process which may allow you to:
- know the maximum amount of a mortgage you could qualify for
- estimate your mortgage payments
- lock in an interest rate for 60 to 130 days, depending on the lender
The mortgage preapproval process may be divided in various steps. It may also be called mortgage prequalification or mortgage preauthorization. Different lenders have different definitions and criteria for each step they offer.
Original Article Source Credits: Canada.ca, https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 29th December 2020
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/preapproval-qualify-mortgage.html