Seven reasons the bank can withdraw your mortgage pre-approval

  • Sometimes non-bank mortgage lenders step in when bank pre-approved financing falls through, says Mark Collins, chief executive of Liberty Finance.

But how can that be, if a home loan is pre-approved?

The answer is that the pre-approvals banks issue are “conditional”, and should not be taken as a cast-iron offer of finance.

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Pre-approvals are sometimes torn up, but banks say they it doesn’t happen often.

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