The process and steps of mortgage financing is one of the most misunderstood aspects of the home buying experience. But it’s one of the most important, particularly in this time of tightened mortgage financing criteria. The article linked below clearly and comprehensively explains the process. It’s well worth your time to read this through.
If you plan to sell, you should discuss implications and options with your mortgage broker before making a committiment to list your home. You may find that the new qualifiactiion criteria — even if you intend to “port” your mortgage — may prevent you from qualifying for as much as you may assume. Your new financing upper limit may even, in some cases, be less than your current mortgage, even with no underlying change to your fundamentals.
Read the article here:
https://www.rew.ca/news/mortgage-pre-qualification-vs-pre-approval-vs-mortgage-approval