A pre-approval helps you prepare. It does not remove every financing condition on a purchase. The useful question is not just “am I approved?” but “what exactly has been reviewed?”
1. Ask for the scope of the review
Ask whether your documents have been assessed, whether any rate arrangement applies, and which conditions remain. Keep the answers with your purchase notes.
2. Keep a conditions checklist
Create columns for the outstanding item, who will provide it and the due date. This helps you distinguish a document request from a completed lender decision.
3. Before you commit to a property
The lender still needs to accept the property and confirm the remaining requirements. Discuss a financing condition with your real estate professional and lawyer rather than relying on a budget estimate alone.
Questions to bring to our conversation
- What is outstanding on my file?
- Does the lender need anything else about this property?
- Who will confirm that the financing conditions are satisfied?
Further reading: FCAC: Mortgage pre-approval. General information; lender requirements and individual circumstances vary.