Buying a home in Calgary - Part 2
By Jonathan Angevine, Calgary Realtor
(Greater Calgary Real Estate)
This is part 2 of a series of posts about buying a home in Calgary1. Mortgage Pre-ApprovalWhen looking through the various web sites about mortgages you will often come across a couple of different terms.Pre-Qualification or Pre-ApprovalPre-qualification is finding what you can afford based on your current level of income, savings and expenses. This is not an approval from a lender for a loan but merely gives you a good idea of what you can afford. The CMHC web site has a good calculator to determine what your level of affordability is.CMHC Mortgage CalculatorGetting a mortgage pre-approval is different than pre-qualification in that you will need to provide documentation to your mortgage professional as well as having a credit check done. A pre-approval will help to prevent you from...
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