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BC Pre-Approval Mortgages Are You Pre-Approved for a BC Mortgage Loan? The Difference Between BC Mortgage Pre-Qualification And BC Mortgage Pre-Approval It's most important to get pre-approved for a BC mortgage before you go out shopping for that BC home or any type BC real estate. Let our BC mortgage brokers explain and help you understand what the difference between the mortgage terms loan commitment, preapproval and pre-qualified are? The differences in mortgage terminology can drastically affect your real estate purchasing transaction. Even some BC real estate agents can find these terms to be a little bit confusing, leaving some BC home buyers and sellers in the dark. Although these mortgage terms are similar in relation, these three mortgage terms represent a different level of mortgage approval from a mortgage lender. Pre-Qualified BC Mortgage Loan, Prequalification BC Mortgage Loan BC mortgage loan pre-qualification most often doesn't include an in depth analysis of your credit report or your ability to buy real estate. It's easy to be pre-qualified for a home loan by a BC mortgage lender, by a BC realtor or by yourself. The pre-qualification term means that someone took a basic look at your income and living expenses and ran them through a debt income ratio formula. Pre-qualifying give you a starting point as far as price range goes when looking for a BC home. BC Mortgage Pre-Approval or BC Mortgage Preapproval Once you're pre-approved for a Vancouver mortgage loan, it means that a BC mortgage lender has looked at your financial situation including both your income and credit report and decided that you have now qualified for a BC home loan. The BC mortgage lender will let you know what the maximum amount of loan will be, which BC mortgage loan programs you have qualified for and will present the mortgage interest rates that they will offer for different types of BC mortgage loans. When you get pre-approved for a Vancouver, BC mortgage loan you can go shopping for a Vancouver, BC home but it's not guaranteed that the BC mortgage lender will automatically approve the BC mortgage loan. Prequalify for a British Columbia mortgage loan today No Broker Fee BC Pre-Approved Mortgages
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