What’s the difference between pre-approval and pre-qualification?

A pre-qualification allows you to assess your borrowing capacity for the purchase of a property in an approximate manner based on your income.

The pre-approval establishes your mortgage loan capacity more precisely according to several criteria, including your credit rating. It confirms the amount that National Bank is committed to lend you under certain conditions and protects the rate of this loan against increases for 90 days. Free and with no obligation to take out a loan afterwards, the pre-approval shows that you’re serious in your approach with the sellers and your real estate broker.

Thinking of becoming a home owner? Get a pre-approval online now.