Many homebuyers assume that once they have a pre approval for a mortgage, they can make an unconditional offer. Unfortunately, that’s a risky mistake. A pre-approval is an important step, but it’s not a guarantee that your mortgage will be finalized. Watch my video or read on for more information.

A Pre Approval Isn’t a Done Deal

A pre approval can vary depending on where you get them. Some lenders may not even check your credit or review your income documents before issuing one. As a mortgage broker, I will request full documentation upfront to ensure your pre approval is solid.

But even the most thorough pre approval doesn’t mean final approval is guaranteed—because lenders also need to approve the property itself.

Property Issues That Can Cause Mortgage Denials

Lenders don’t just assess you when approving a mortgage. They also assess the property, and issues like these can cause problems:
✅ Condominiums – If the condo corporation has financial problems or past issues with repairs, your lender may hesitate.
✅ Appraisal Gaps – If a home doesn’t appraise for what you offered, your lender may not cover the full amount.
✅ Zoning Concerns – Some properties with secondary suites or unusual zoning may not be approved.

Always Include a Financing Clause in Your Offer

The safest way to protect yourself is to always include a financing condition in your offer. This ensures that if something goes wrong, you’re not stuck in a deal you can’t close.

If you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.