Mortgage Services
Know your budget before you fall in love with a house.
Get Pre-ApprovedThe Basics
A pre-approval is a lender's written commitment to lend you up to a specific amount, at a specific rate, for a defined period, typically 90 to 120 days. It's based on a full review of your income, credit, down payment, and debt load.
What it gives you: a real number to shop with, a rate that won't go up if rates rise while you're looking (though it can go down if rates drop), and a level of credibility with sellers that an unverified offer doesn't have.
What it's not: an unconditional approval. The lender still needs to see the property and confirm nothing major has changed in your financial situation. But it's as close to a guaranteed budget as you can get before you start shopping.
Know the Difference
Pre-Qualification
A rough estimate, nothing more
Based on self-reported information. No credit check, no document review, no rate hold. It tells you approximately what you might qualify for. Useful for an early sense of direction. Not useful for writing an offer.
Pre-Approval
A verified commitment with a rate hold
Based on verified income, a credit pull, and actual documentation. Gives you a real maximum and locks in a rate for up to 120 days. This is what you want before you start seriously shopping.
What It Covers
01
Employment letters, recent pay stubs, and two years of T4s for salaried borrowers. Self-employed income requires additional documentation: NOAs, T1 Generals, and sometimes business financials.
02
Where the money is coming from matters to lenders. Bank statements showing a 90-day history, RRSP or FHSA withdrawal letters, or gift letters if family is contributing.
03
I pull your credit bureau (one soft pull, which doesn't affect your score) and review your score, history, and any items that could affect your application before we submit to a lender.
04
Car payments, student loans, credit card balances. All of these factor into the debt service ratios lenders use to determine how much they'll lend you. We'll look at how to optimize this.
Get Started
Not sure if this applies to your situation? One call usually gives you a clear answer.
