Mortgage Pre-approval Meaningless?
With the market as competitive as it is, it seems sellers in my area are only looking at firm offers without a financing condition. Without the pre-approval step, how could you possibly know your fit to make a purchase offer at whatever price it may be?
I've been dealing with a CIBC mortgage advisor and he is telling me that they do a 99.99% approval with underwriters running credit reports, looking at 90 day history, the whole deal. So assuming you make an offer within pre approved price range wouldn't the only stipulation be the appraisal coming up short?