Putting your full faith in a mortgage preapproval is like betting on a heavy favourite in a horse race. You’ll probably win but there’s room for major disappointment.
 
Sure, preapprovals have benefits:

• The best ones accurately measure your qualifications and how much house you can afford
• Their 90- to 120-day rate guarantees protect you if rates rocket up while you’re home hunting
• They make you seem more serious to sellers and real estate agents. (In competitive bidding situations,      they’re almost mandatory)
• They’re free and there’s no obligation to use the lender that preapproved you

But here’s the problem: preapprovals are not full approvals. So if you’re going to rely on one, you need to understand their limitations.
 
Click here for 10 preapproval facts every mortgage shopper should know courtesy of the Globe and Mail.

The Angela Calla Mortggae Team is here to help you with your mortgage contact us at 604-802-3983 or callateam@dominionlending.ca