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How does mortgage pre-approval work?
Mortgage pre-approval is an important step in the process of buying a property, which allows you to know your borrowing capacity. Your mortgage is calculated according to several criteria, including your credit score.
Getting a mortgage pre-approval confirms the maximum amount
that National Bank will lend you, under certain conditions
1, and
freezes the interest rate for 90 days
2.
Free of charge and with no obligation, the pre-approval
demonstrates the seriousness of your intentions to sellers, and your
real estate broker.
Dreaming of becoming
a homeowner? Get pre-approved now.
Are you buying your first home?
-
Discover the 7 steps
to follow when buying your first home.
-
Learn about an offer
to purchase.
-
Check out our guide to
better prepare yourself to purchase your first home.
- The rate may be guaranteed for up to 90 days after receipt of the pre-authorization request.
- To apply for a mortgage pre-approval, you will need to provide a pay stub and T4 statement or notice of assessment as proof of income. You must also have reached the age of majority in the province where you are applying. The mortgage pre-approval is only valid for a property located in Canada, excluding the territories (Yukon, Nunavut, and Northwest Territories). To apply online, you and your co-borrower (if applicable) must currently own, in total, one property or less, whether you own it jointly, individually, or with a third party.
Related questions
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How can I apply for a mortgage pre-approval? Apply for a mortgage pre-approval online in just a few steps to learn more about your borrowing capacity. -
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How does mortgage financing work? What you need to know about mortgage financing. -
How does mortgage pre-approval work? Curious about how mortgage pre-approval works? Learn more about this step in the home-buying process and discover your borrowing capacity. -
How do I get a mortgage? Get the mortgage that best fits both your needs and budget. Our step-by-step guide is here to help you with your selection.
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