Why Can't a Mortgage Broker 'Just Run Quick Numbers' Without a Full Application?

A number of times over the last few weeks, clients have asked "Can you just run some quick numbers for me, Karri, and tell me how much mortgage I can get?"

My answers was a gentle but firm "No."

If you want quick and dirty numbers, there are thousands of online mortgage calculators that can spit out a payment amount for you. However, a mortgage broker worth their salt will ask for a full application upfront, before even hazarding a guess at how much you qualify for.

We are licensed to give mortgage advice for good reason. That is, there are myriad variables that factor into how much mortgage you will qualify for. Our job is match your unique financial situation with an appropriate lender and mortgage product. However, we cannot provided informed choices without first reviewing your financial documents and credit history.

Here's why a back-of-napkin number is always a bad idea when shopping for the biggest purchase of your life.