Before the home search
Mortgage pre-approval
Know what to check before you shop. Review your borrowing position, prepare your documents and understand the conditions behind a mortgage pre-approval.
Mortgage Planner · English, Hindi & Marathi
Understand the amount a lender may consider.
Identify documents and questions to work through.
Know what still needs approval before funding.
A useful first assessment
What pre-approval helps you understand.
A mortgage pre-approval reviews your borrowing position using the information and checks required by a lender. It can help you estimate a mortgage amount and payments before you choose a home.
Use it alongside your own monthly budget. Property taxes, insurance, maintenance, utilities and any strata or condo fees still need room in that budget, as do closing costs and an emergency cushion.
The useful question is what has been reviewed. Ask which documents have been checked, what assumptions were used and what conditions remain.
Understand the assessment
Prequalification versus pre-approval.
The labels vary between lenders. Confirm the work behind the result rather than relying on the name alone.
Prequalification
Often starts with information you provide about income, savings and debts. It may involve limited verification.
Ask: Is this an estimate based on my inputs, or have supporting records been reviewed?
Pre-approval
Generally involves a more detailed financial review, supporting documents and a credit assessment. The extent of that review depends on the lender.
Ask: What has been assessed, how long is it valid and what could change it?
Final financing
The lender assesses the property and confirms outstanding requirements. Updated financial information may be needed.
Ask: Which borrower, property and funding conditions are still outstanding?
The FCAC explains mortgage pre-approval and its limits. Neither an initial estimate nor a pre-approval guarantees final funding.
Prepare your file
Documents and information to gather.
These are common starting points. Ask which records are relevant to your employment, down payment and proposed purchase.
Income and identification
- Current identification.
- Employment confirmation and recent pay records.
- Tax returns, notices of assessment or business records where requested.
- Details of other income you want considered.
Down payment and closing funds
- Recent savings or investment statements.
- Records explaining the source of funds and significant transfers.
- Details of any family contribution, including whether it is a gift or a loan.
- Expected timing of funds becoming available.
Debts and other obligations
- Credit card, loan and line-of-credit balances.
- Monthly debt payments and other financial obligations.
- Any co-signed borrowing.
- Expected changes to income, employment or borrowing.
Purchase plans and deadlines
- Your preferred payment range and approximate purchase budget.
- Property type and intended use.
- Purchase timing and any existing financing deadline.
- The purchase agreement, if you already have an accepted offer.
You can enquire without attaching sensitive records. Tell Samir where you are in the purchase and what you need help with. Ask for the document-sharing instructions and what consent is needed for any credit review before proceeding.
From enquiry to assessment
How the review works.
The route depends on your circumstances and the lender. Confirm the steps and outstanding information for your file.
Read the FCAC’s guide to preparing for a mortgage for more on budget, credit and qualification.
Talk through your plans
Explain what you hope to buy, when and the payment you are comfortable with. Flag an accepted offer or financing deadline at the start.
Confirm what is needed
Establish the records, permissions and document-sharing process required for an assessment.
Review the lender’s assessment
Discuss the borrowing estimate, payment assumptions and any rate hold offered. Ask what remains unverified.
Keep the review current
Report changes to income, employment, debts or your down payment. Check the validity period before relying on the result.
Before you make a commitment
The home still needs to meet the lender’s requirements.
A pre-approval does not confirm financing for every property. The lender may need an appraisal, property documents or further information about its condition, ownership or intended use.
- Confirm the purchase price and down payment fit the assessment.
- Ask which conditions remain and who must address them.
- Share changes in your finances before making new commitments.
Discuss financing subjects with your real estate and legal professionals before removing them. Don’t treat a pre-approval or rate hold as a guarantee that funds will be advanced.
Common questions
Clear up the details before you shop.
Bring an existing estimate or pre-approval, if you have one. We can talk through what it says and the questions still to ask.
How long does pre-approval take?
Timing depends on the information provided, your circumstances and the lender’s review. Ask what is outstanding and when an update is expected. If you have an offer deadline, mention it immediately; don’t assume it can be met.
Will there be a credit check?
A lender will generally assess credit as part of its review. Confirm who will obtain your credit information, what permission is required and the type of enquiry before proceeding. A conversation or online estimate is not necessarily a completed credit assessment.
Does every pre-approval include a rate hold?
No single rate-hold promise applies to every lender or product. Ask whether one is offered, its expiry date, which conditions apply and what happens if rates change or your purchase is delayed.
What does a pre-approval review cost?
Ask Samir which fees, if any, apply to your review or proposed mortgage, who pays them and when. Request an explanation before agreeing to proceed. Purchase-related legal and other closing costs are separate considerations.
What if my situation changes after pre-approval?
Tell Samir about changes to your job, income, debts, available funds or purchase plans. The lender may need to reassess the file. Check the validity period and remaining conditions before relying on an earlier assessment.
Your next step
Start with your plans.
Leave with questions answered.
Tell Samir what you are hoping to buy and where you are in the process. Ask what to prepare for a pre-approval review.
General information, not a mortgage commitment or a guarantee of approval. Financing availability, rates, fees and document requirements depend on the borrower, property, lender and any insurer. Meet Samir Hire or explore mortgage services.