Mortgage Pre-Approvals Canada
QUICK, ACCURATE, AND CONVENIENT ONLINE MORTGAGE PRE-APPROVALS!
We want to make your Alberta mortgage pre-approval easy! Are you looking to get a mortgage pre-approval in Alberta? We offer a quick online application that will start the process quickly. Once completed, one of our professional agents will follow up with your application and help you on the road to getting pre-approved for your next home!
WHAT IS A MORTGAGE PRE-APPROVAL?
A mortgage pre-approval is an official statement from a lender that estimates how much money they are willing to lend you for a home purchase, based on your financial situation.
What it Means
- The lender reviews your income, debts, credit score, and assets.
- They then give you a written confirmation of how much mortgage you can likely qualify for, along with an estimated interest rate and loan terms.
Why It’s Important
- Sets your budget – You’ll know the price range of homes you can realistically afford.
- Strengthens your offer – Sellers often take offers more seriously if you’re pre-approved, since it shows you’re financially prepared.
- Saves time – You can shop with confidence and focus only on homes that fit your financing.
Pre-Approvals vs. Pre-Qualifications
- Pre-qualification: A quick estimate based on self-reported info (not verified).
- Pre-approval: Verified with documents and a credit check, making it much more reliable.
How Long Are Mortgage Pre-Approvals Good For?
In Canada, a mortgage pre-approval typically lasts between 90 and 120 days (about 3–4 months), depending on the lender.
Key Points:
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Rate Hold: The biggest advantage is the interest rate lock. The lender will hold the quoted rate for the length of the pre-approval term, protecting you if rates rise. If rates fall, you’ll usually get the lower one.
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Expiry: Once the 90–120 days are up, you’ll need to reapply if you haven’t purchased a home yet. That means providing updated financial information and another credit check.
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Flexibility: Some lenders may offer shorter (60 days) or longer (up to 180 days) terms, but 120 days is the industry standard.
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No Obligation: Getting pre-approved doesn’t force you to borrow from that lender; it just secures your rate and confirms your buying power.
KEY AREAS WE LOOK AT WHEN COMPLETING YOUR ONLINE MORTGAGE PRE-APPROVAL.
The amount of purchasing power you have is dependent on several factors. Our mortgage professionals will ask you a series of questions relating to your specific financial situation, and you will need to provide some supporting documentation.
The key areas that we will look at for a pre-approval are credit score, down payment, income, and liabilities:
Credit
Credit scores in Canada range from 300 – 900. The higher the score, the better.
A certain credit score range is required to qualify for a mortgage; however, it is also dependent on your liabilities, down payment, and income.
Down Payment
How much money you are putting towards the purchase of a home and where those funds are coming from.
The minimum down payment required for a home purchase in Canada is 5% of the purchase price.
Income
This value should be the total of the household income if you are buying the property with a partner.
Additional sources of income may be included depending on the lender. This may include bonuses, tips, investments, rental income, support payments, child tax benefit etc.
Liabilities
What are your monthly expenses?
This could include utilities, phone bills, credit card debt, auto loans, student loans, etc.
BECAUSE WE CARE
WHY TRUST MORTGAGE DESIGN GROUP
ONLINE MORTGAGE PRE-APPROVAL?
Wide Variety of Vendors.
With a wide variety of lenders to choose from, our clients know they have options when it comes to getting the right financing.
Quick Response Time.
We respond to all submitted inquiries quickly! There is no more need to worry about wondering where things are at or if someone will get back to you!
Trusted Partners.
Our priority is to build long-term relationships. Whether you're a first-time buyer or buying your third property, it's important you know we are here to help.
Free World Class Experience.
Getting excellent service might be rare these days but at Mortgage Design Group providing world-class service is non-negotiable!
Professional Licensed Brokers.
All our mortgage brokers are fully trained and licensed! This means our clients know that they are talking to qualified experts.
EASY ONLINE SERVICE.
We want to make mortgages easy and accessible to everyone, and that's why we don't let ourselves be limited to our offices.