Don’t make the mistake of going online to see how much you qualify for and expecting this to be 100% accurate. This is often just a quick snapshot of your monthly income and expenses but most people don’t accurately put in or even know their exact level of debt. The online calculators should state it is an estimation only. Do not rely on this as it will often qualify you higher than a proper mortgage specialist. Getting qualified is the first step and it differs from getting pre-approved. If you are pre-qualified you are not pre-approved as there is a world of difference between the two.
Getting pre-qualified is the initial step of the mortgage process and it is generally fairly simple. You will need to supply your bank, broker, or lender with an overall snapshot of your financial picture which will include your debt, income and assets. After evaluating this information the lender can give you an idea of the mortgage amount that you may qualify for and these can be done over the phone or online but this does NOT include an analysis of your credit report or an in-depth look at your ability to buy a property.
As this is just a first step and it is not definite by any means being pre-qualified is only a starting point and you should not be out looking at houses for sale in Saskatoon when you are only at this stage. Being pre-qualified is not as strong as being pre-approved and if you are in a position of competing with another offer the pre-qualified buyer will not be taken as seriously as the pre-approved buyer.