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Mortgage Calculators2018-11-26T10:09:43+00:00

Mortgage Calculators

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

  1. Collects information from the customer and authenticates their identity.
  2. Gets a partial credit bureau and see ERS 2.0. This does not appear on the credit Bureau as an inquiry.
  3. 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.
  4. 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)
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