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What’s the difference between Pre-Approvals and Approvals?

Pre approvals vs approvals

The difference could cost you a lot more than you think.

There are actually three different types of mortgage tools to determine you budget: pre-qualifications, pre-approvals and finally approvals. All three are similar, but also very different in how they should be used.

The more documents you can provide to a mortgage broker the better. It’s like being able to focus in on a target, the more details we can gather, the closer we can get.

 

Picture of Dan Johanis

Dan Johanis

Daniel Johanis, the Founder and Principal Broker of Pekoe Mortgages, a digital mortgage brokerage with offices in Ontario and Alberta, has been dedicated to helping Canadians save money and build generational wealth through real estate. He has been recognized for his expertise and has been featured in various prestigious publications including Canadian Mortgage Professionals, CTV News, Real Estate Wealth Magazine, The Toronto Star, Rogers TV, and The Wall Street Journal. Originally from Toronto, Dan now resides in Kitchener-Waterloo with his wife and furry companions. In his free time, he enjoys flying airplanes, practicing Brazilian Jiu Jitsu, and experimenting with culinary creations for his loved ones, when not assisting clients with navigating the complexities of mortgages.

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