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What is Mortgage pre-approval? · Buying process

Mortgage pre-approval

A pre-approval is a lender's assessment of your income, debts and credit before you shop for a home. It tells you how much you can borrow and holds a rate, usually for 90 to 120 days.

Updated October 22, 2026

You will need proof of income (pay stubs, an employer letter, the last two years' notices of assessment if self-employed), your status in Canada (permanent residence or work permit), the source of the down payment and a credit check. With a pre-approval your offer to purchase is stronger in the seller's eyes.

It is not a guarantee: final approval depends on the property (appraisal, condo documents, condition) and on your situation staying the same. Avoid new debt or a job change between pre-approval and closing.

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