Does getting a Pre-Approval Mortgage guarantee I will get the mortgage when I find a property?

Author: Boychuk Mortgage Group |

While a Pre-Approval Mortgage is a strong indication of your borrowing power and eligibility, final approval is contingent upon additional factors. These factors include a satisfactory appraisal of the property, confirmation of your financial status and employment stability, and meeting all lender requirements at the time of formal mortgage application. While a Pre-Approval Mortgage sets the stage for a smoother approval process, it's essential to continue meeting all conditions outlined by the lender to ensure a successful mortgage application when you find your ideal property.