Ryan Taylor: Hey folks, Ryan Taylor here with Sutton West Coast Realty. Just wanted to quickly go over the difference between a pre-approval and a pre-screening. So, when you’re applying for a mortgage and you do it all verbally and you just give them a basic amount that you make a year, how much you have for a down payment, how long you’ve been with the career, and then they give you a verbal amount of how much you basically could get, that’s called a pre-screening.
Now, a pre-approval is when you actually go down to the bank or you fill out an application and you have to provide certain documents, like a T4, a T1, NOA, showing how long you’ve been with a certain place and how long you’ve worked there, and the amount that you have made per year, and then you also prove the amount of money you have for a down payment. Then they’ll actually give you written documentation of how much you’d be approved for, at what interest rate, and they’ll actually give you an allotted time that’s good for, and they’ll put it all in writing. So, typically, it could be ready for thirty, sixty, ninety days, depending on the financial institution and how you obtain the mortgage approval.
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