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Pre-qualified or Pre-approved?
What does being pre-qualified or pre-approved for a mortgage mean to a buyer?
There are differences between being pre-qualified or pre-approved for a mortgage and it can affect your ability as a home buyer, as well as the transaction itself.
Pre-qualifying for a mortgage typically doesn't include an analysis of your credit history or an in-depth look at your ability to buy a home. You can actually pre-qualify yourself for a mortgage by taking a general look at your income and expenses and plug them in to a total debt-to-income ratio formula.  Here is a link to a calculator to help you: http://www.cmhc-schl.gc.ca/en/co/buho/buho_007.cfm.
Assuming that all of the information you used was accurate, this will help you establish your potential range of affordability.  Please understand that this exercise will not establish an interest rate for you, and that factor and others affect the monthly payments a lender will allow you to make.
Most Realtors, whether they are representing the buyer or the seller, prefer and recommend working with pre-approved buyers.  Being pre-approved normally means a lender has undertaken an extensive financial background check which includes a review of your credit history, previous tax returns and verifying your employment.  If you have ... more

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