What is the difference between Pre-Qualification and Pre-Approval?
The Pre-Qualification Tool does not provide a Pre-Approval or rate guarantee. A guaranteed Pre-Approval can only be provided after a mortgage broker obtains verifiable information from the client.
The Pre-Qualification Tool
- Collects information from the customer and authenticates their identity.
- Gets a partial credit bureau and see ERS 2.0. This does not appear on the credit Bureau as an inquiry.
- Based on information entered by the customer, the tool determines the maximum purchase price and the corresponding mortgage loan to which the customer may be Eligible.
- Directly delivers to the customer:
• Purchase price Maximum
• Corresponding amount of mortgage loan
• Pre-Qualification Certificate in PDF format
• Customer’s credit rating (and Co-borrower)