Bank Vs Mortgage Broker – is there a difference in Mortgage Preapprovals?

I had a phone call from a client recently, just about in tears. They had a mortgage preapproval from their bank and were advised that they could afford a home.   They found a home in their price range, but when the bank reviewed their offer to purchase,   they were advised that they didn’t qualify after all. I received the call as a result of that. 

 So why didn’t they qualify…

My clients’ income was good, they had money for the down payment, but the bank never checked their credit when they did the mortgage preapproval. They looked at the above 2 factors and gave my clients the green light.  When doing a mortgage preapproval, some banks don’t pull the clients’ credit bureau until they put the offer in on the house they want to purchase.

 A mortgage broker will look at your income, down payment and your credit bureau. They should review all 3 with you. Your credit bureau should be looked at together so you can ask any questions you have about your credit. If your credit is not where it should be, it can cause a hindrance in purchasing your home. 

 If you are curious about your credit, for $23.95 you can have a credit bureau done at If you are unsure as to what you are looking at, print it out and take it to a mortgage broker who can review and explain it to you.

In regards to the question above, yes there can be a difference between a bank’s and a broker’s mortgage preapproval because a mortgage broker will pull a credit bureau when completing a preapproval.

Curious as to what you can afford? 

Guest blogger Elise Hildebrandt, AMP, Mortgage Associate, Broker Lic# 316103 at The Mortgage Centre, Brokerage Lic #315847, Saskatoon.

She has been in the financial industry for 16 years. Please contact her today if you have any questions about your mortgage at  Do you know what your mortgage options are?  She does.

Kent Braaten

Kent Braaten

CENTURY 21 Fusion
Contact Me