Get Pre-Approved

November 2, 2026

In order to stay nimble in a market that shifts quickly, your number one step as a home buyer is to get that mortgage pre-approval.

What a Pre-Approval Really Does

A pre-approval is a lender’s conditional commitment to loan you a specific amount based on your finances. It:

  • Defines your true budget (not just guesswork)
  • Locks in a rate (typically 60–120 days)
  • Makes your offer stronger and faster

Step 1: Gather Your Documents

Have these ready before you talk to a lender or broker:

  • Government ID
  • Proof of income (recent pay stubs, T4s, or NOAs if self-employed)
  • Employment letter
  • Bank statements (usually 90 days)
  • List of debts (credit cards, car loans, student loans)
  • Down payment proof (savings, gift letter, etc.)

Step 2: Choose Who You’ll Work With

You’ve got two main routes:

Mortgage Broker

  • Shops multiple lenders for you
  • Often finds better rates or flexible terms
  • Great for self-employed or complex files

Bank/Lender 

  • Simpler if you already bank there
  • Can bundle services

Step 3: Understand What They’re Checking

Lenders assess:

  • Credit score (generally 680+ is strong in Canada)
  • Debt-to-income ratios (stress-tested using federal rules)
  • Employment stability
  • Down payment size

Step 4: Rate Hold + Budget Strategy

When you’re pre-approved:

  • Your rate is held—protected if rates rise
  • But if rates drop, you can usually still get the lower one

Step 5: Avoid These Deal-Killers

Between pre-approval and purchase:

  • Don’t take on new debt (car, credit cards, financing)
  • Don’t switch jobs without checking first
  • Don’t miss payments or lower your credit score

These can quietly kill your approval right before closing.

How Long It Takes

  • 24–72 hours if you’re organized
  • Same-day in some cases

 

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