A mortgage pre-approval is a lender’s analysis of your income, your debts, your credit and your down payment. It sets the maximum amount the lender would be willing to lend you and, depending on the lender, can guarantee a rate for 60 to 130 days. It is not the final approval: that comes after your promise to purchase is accepted, once the property itself has been analyzed.
I am a real estate broker, not a mortgage broker. So I do not advise you on your loan: I put you in touch with a mortgage broker registered with the Autorité des marchés financiers, who compares lenders for you, and I pick the file back up on the purchase side.
How does a pre-approval work with me?
- You fill out the form at the bottom of this page.
- I call you to understand the project: area, type of property, timeline, first purchase or not.
- With your consent, I pass your contact information on to the mortgage broker. The mortgage broker is the one who asks for your documents and analyzes your file.
- With the pre-approval letter in hand, we set a search range that leaves room for closing costs, and we start the visits.
The pre-approved amount is a ceiling calculated on ratios, not a budget. It knows nothing about your emergency cushion, the welcome tax or the condo fees of the building you will fall for. I always redo the calculation from the total monthly cost, with the affordability calculator and the closing costs calculator.
What documents do you prepare for a pre-approval?
The Financial Consumer Agency of Canada lists what the lender asks for: a piece of identification, proof of employment, proof of where your down payment and the funds for closing costs come from, and information about your other assets, your debts and your financial obligations. The lender also checks your credit report.
The mortgage broker will give you their exact list, which varies depending on whether you are salaried or self-employed. These documents go to the mortgage broker directly: I do not need them to do my work, and I prefer not to hold them.
Why get it before visiting?
Because the promise to purchase is drafted quickly, and the financing condition it contains leaves you a short period to get a firm answer from the lender. A file that has already been reviewed shortens that period and reduces the risk of refusal. Conversely, between the pre-approval and getting the keys, avoid any major financial move: a new job, buying a car, a new credit card.
What makes a pre-approval fall through, and the questions to ask the lender, are covered in detail in Mortgage Pre-Approval: The Limits.
Sources
Consulted on November 4, 2026.
- Financial Consumer Agency of Canada, Getting preapproved for a mortgage.
- Autorité des marchés financiers, Register of firms and individuals authorized to practice.
