Mortgage Pre Approval – How We Saved A Client’s Deal

Hi everyone it’s Aleem – Vancouver Mortgage Specialist. In today’s episode of our mortgage minutes
I want to share with you how I was able to help one of my realtor partners save his client’s deal from collapsing at the last minute.

This should be a lesson to all on the importance of getting pre-qualified by a Mortgage Professional. The realtor and the client had been working together for about 4 months to find the right fit. The client was on a tight budget and therefore the options were fairly limited.

mortgage rates vancouver island

The realtor inquired with the client about the mortgage, and whether or not the client had been pre-approved. A relative of the client happened to work at a major financial institution and was helping the client with the financing.

Two hours before subjects were to be removed, I received a call from the realtor, in panic mode, telling me that the client had been pre-approved by their bank but with two hours left in the subject removal period, they had received a call saying that the deal was turned down. Never mind the fact that the bank had 5 days to review and fully underwrite the deal and they are coming back at the 11th hour with a decline, but the reason for the decline was that the client didn’t fit the bank requirements!?!?!

There is a happy ending to this story of course. We were Lucky enough the realtor to get an extension for a day, the realtor worked his magic on that, and during this time I was able to find a suitable lender and we were able to help the client get into the home of their dreams.

Most realtors today insist that their clients get pre-approved before they start to look for places, which is a great idea, but the thing with pre-approvals today is that most lenders don’t actually review the details of the application until the deal goes “live”, i.e. until we have an accepted offer. This is the major difference between a pre-approval, and a pre-qualification. A pre-approval essentially, is not worth the paper that it is printed on.

A pre-qualification, on the other hand is far more reliable. As a Mortgage Professional, I do the pre-qualifying based on my experience and knowledge of the current guidelines. To ensure accuracy, all that I ask is for some of the required documents up front, such as the income and down payment verification.

Do yourself a favour and make sure you are getting pre-qualified. It will save you potential heartache down the line.

Mortgage Specialist Canada – Aleem Peermohamed.

Searches related to How To Get Pre Approved For A Mortgage

how to get preapproved for a home loan, how to get pre approved for a fha mortgage, how to get pre approved for a mortgage with bad credit, how do i get preapproved for a mortgage loan, how to get prequalified for a mortgage online, pre approval mortgage calculator, pre approval mortgage loan application, pre approval mortgage required documents


Bank of Canada Rate Announcement

This move is a very proactive move on the part of the Bank of Canada. The Bank of Canada Announcement was justified as a stimulation of our slowing economy. Not only in the Oil and Gas sector but in other facets of our economy across the country.

Canada Mortgage Rates- a Handy Guide to cibc mortgage rates

Variable rate mortgages can have open or closed terms, for 3, 4 and 5 years. Most Canada mortgage rates variable rate mortgages can be locked into a fixed rate mortgage without penalty providing you lock in for at least the remainder of the term.


Coronavirus related to your mortgage

How is the Coronavirus related to my mortgage? Believe it or not, the coronavirus can have an impact on your mortgage and your interest rate in particular. Listen below to find out exactly how and why.

One of These Three Things Have to Go Wrong For Lower Rates

All of these things—falling yields, narrowing credit spreads and more discounting—could easily happen by year-end (not a prediction, just fact). Spreads and discounting will naturally improve if/as mortgage default fears subside.


Variable Rate Update – June 2020

If you are shopping for a non-prime mortgage at a federally regulated lender, plan for a 1% lender fee as well. That’s the cost of doing business with a more risk-tolerant lender. Many refer to it as “the cost to self insure your mortgage”.

Bank Mortgage Rates

Selecting the right mortgage product is a lot more than just finding the lowest bank mortgage rate. The main point of the article is that banks are changing their marketing strategy because what they have been doing in the past is not as effective in today’s ultra-low rate environment.


Mortgage Pre Approval – How We Saved A Client’s Deal

This should be a lesson to all on the importance of getting pre-qualified by a Mortgage Professional. The realtor and the client had been working together for about 4 months to find the right fit. The client was on a tight budget and therefore the options were fairly limited.

Mortgage Default Insurance

For those that aren’t quite sure the purpose of mortgage insurance, well it’s there to protect the bank against any potential loss due to default on your part. The government actually has made it a requirement to have mortgage insurance when you get a mortgage and you’re putting less than 20 percent down.


One Way Get a Mortgage without the Stress Test

You will generally get the lender’s best conventional insurable or default-insured rates to boot. If you correspond to A, B and C above, a mortgage broker is your best source for lenders who make this stress test exception.



If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
Aleem Peermohamed - Mortgage Broker BC


More Posts

no interest rate hikes

Independent Mortgage Planner

Who Should You Get Your Mortgage Through? Hi Everyone, this is Aleem Peermohamed – The Mortgage Specialist Vancouver BC. One of my existing clients, who

Four Reasons To Save Money

Four Reasons To Save Money It’s not rocket science -everyone should be saving money regardless of how much you are making. The concept of saving

Mortgage Check-Up?

Eight out of Ten Canadians make a trip to the doctor at least once a year to help ensure they remain physically healthy. But how

Send Us A Message

Scroll to Top