The data generated by this tool does not create any legal or contractual obligations for National Bank. The granting of the financing remains subject, at all times, to the credit approval of the National Bank.
A pre-qualification provides a quick overview of your borrowing capacity whereas a pre-approval guarantees your financing and protects your interest rate for 90 days. In either case, there is no commitment to a loan. Put yourself in a good position to negotiate and purchase a home by applying for a pre-approval now.
The first step in buying a property is knowing the price range within your means. You can get an estimate for this amount through a mortgage pre-qualification, or for more certainty, a mortgage pre-approval.
A mortgage pre-qualification is a rough estimate of your borrowing capacity to purchase a property. It’s calculated based on your basic financial information such as your income and current debt. No credit check is involved, nor is it a guarantee of the approved financing which you may receive by National Bank.
A mortgage pre-approval certifies your borrowing capacity based on several criteria including your credit rating. It confirms the amount that National Bank agrees to lend you under certain conditions and protects the rate of this loan against potential rises for 90 days. A pre-approval demonstrates your seriousness to sellers and your real estate agent and does not impose any obligation for you to commit to the loan.
Start your pre-approval request online now. Our mortgage experts will then contact you to finalize your request.