Mandeep  Toor

Mandeep Toor

Real Estate Broker

RE/MAX Realty Specialists Inc., Brokerage *

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Pre-approvals are no good in Canada

Pre-approvals are no good in Canada

Lately, I’ve been getting panicked calls from real estate buyers (or their mortgage brokers) to inform me that their bank was not honouring their mortgage “pre-approval”. Obviously, this creates tremendous stress for the buyer and Realtor, mortgage broker, lawyer and this situation is becoming more and more common.

Why is this happening?

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