What is the purpose of a mortgage pre-approval?

A pre-approval establishes your borrowing capacity based on several factors, including your credit score. The pre-approval offered by National Bank establishes a mortgage amount for which you qualify and guarantees an interest rate for 90 days. It’s free and holds no obligation for the client to take out a loan afterwards. The pre-approval is also a commitment made by the Bank to the client and shows both the sellers and mortgage broker that you’re serious about buying a home.

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