Kanetix Forum

Yes. It is important not to get this confused with a commitment letter. Remember a that pre-approval is simply a statement that lets you know the amount you will qualify for, as long as all information you have provided is accurate.
A pre-approval can help you target a price range within which you can select your home and will also go a long way in helping you negotiate a price. It also shows that your finances are in order and you'll likely be considered as a cash buyer, meaning you could have an opportunity to save a lot of money. Just a tip; remember not to waive the financing condition on your purchase until the commitment letter has been fully satisfied.

Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person¿s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.

Thank you Paul Sidhu for replying. And very quickly I might add!

Much appreciated,
Goldie

My husband and I are wondering if it's possible for us to get pre-approved for a home purchase loan before we've found the property we want?