The final step in the process is the actual loan commitment which is only issued by the bank or lender when you have been approved as the borrower and the house in question has been approved. This means the home should pass any inspections deemed necessary and that the house for sale in Saskatoon or surrounding area appraises at or above the purchase price. They will check your income and credit once again to ensure nothing has changed so make sure you don’t go out and buy a new vehicle before you get possession. The lender can pull the approval if your credit has changed or if your debt ratio has changed.
Rules are constantly changing in the mortgage world so make sure to ask your Saskatoon mortgage broker or your lender if there are any changes that affect your ability to borrow.