A conditional commitment from a Canadian mortgage lender indicating the maximum mortgage amount a buyer qualifies for, based on a review of income, employment, credit history, and assets is known as a pre-approval.
In Canada, it typically locks in an interest rate, protecting buyers against rate increases while they shop.
Pre-approvals are not a guaranteed mortgage offer final approval depends on the property appraisal and confirmation of all stated financial information.
Synonyms:
mortgage pre-approval|rate hold