Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Pre-Approval Expiry Date


Synonyms:mortgage pre-approval expiry date
Filed Under: mortgages
Tags: mortgage
 

Definition of pre-approval expiry date

pre-approval expiry date
1. The date at which a mortgage pre-approval will expire. Depending on the mortgage lender, the pre-approval expiry date for a CanEquity mortgage is between 90 - 120 days after a borrower has been approved. If the pre-approval expires, the borrower will need to re-apply for a mortgage.

Related Terms and Acronyms:

  • approval   An assessment made by a lender of a borrower's ability to pay for a home and a confirmation of the amount the borrower may obtain.
  • lender   The bank or mortgage company offering the loan.
  • loan   Letting another party use something of value temporarily.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • mortgage application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • pre-approval   A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise funds needed to purchase.
  • pre-approval letter   A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
  • pre-qualification   An informal process in which a lender will offer an opinion on how much money you may be able to borrow. This opinion is based entirely on the financial information you provide and is neither binding nor necessarily accurate because lenders have not yet verified your financial information.
  • rate hold   The length of time, typically between 60 and 120 days, that a lender will guarantee a loan's interest rate once you are locked in.

Search the Glossary

Mortgage Rates Chart
Your money goes a lot further when you pay your home off with low interest rate. Make sure your mortgage isn't weighing you down with high rates and ridiculous payments. View our mortgage rates chart to find the best interest rates in Canada.
Mortgage Rates Chart
 
Mortgage Rates
Unlike the banks, you don't ever have to haggle with us over our rates. We will show you our best rates, right from the start. No fuss, no muss. Why don't you check out our mortgage rates right now?
Mortgage Rates
 
Brand New Mortgage Calculator
Use our new mortgage calculator and strike a balance between maximizing your payment schedule and leaving yourself enough breathing room to live comfortably. By simply changing your mortgage amount, amortization period, interest rate, or payment frequency you can determine the best mortgage for your unique situation.
New Mortgage Calculator