…if you mess with the numbers.
When you apply for a mortgage pre-approval, the primary goal is to bring you some certainty in the home buying experience. You can come away knowing what you can afford, and that a lender is willing to lend you money.
But, don’t forget, the lender is most concerned about getting their money back, plus interest.
So, they view you as a risk. With that in mind, they look at your work history, your income, your current debt load and how well you’re managing it, and how much money you are bringing to the table (“skin in the game” so to speak).
Once you’re pre-approved if you do anything that changes these things (job change, a new loan, missed payments) you have removed the certainty that the pre-approval provided and you’re back to square one.
And, they will check up on you again to make sure your loan still makes sense for them. If it doesn’t you’re done.\
TeamFisher.com hosted over 350,000 user sessions in 2020 and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
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