Pre-Approval
Pre-approval means you can go house-hunting with a home loan that’s already approved up to an agreed amount. This gives you the confidence and flexibility to negotiate a sale knowing that the financing is there to get you through the door.
You should obtain a pre-approval if you plan on buying in the near future in order to secure an interest rate guarantee from a lender. The interest rate can usually be held for 60 to 120 days. The pre-approval is based on the information you provide to us in your application and is subject to verification of conditions such as employment and down payment verification.
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