Mortgage Pre-Approvals Canada
25+ Lenders Compared · 7-Day Average Turnaround · $0 Cost to You
Before you start house hunting, a mortgage pre-approval tells you exactly how much you can afford, locks in a rate for a set period, and shows sellers you’re a serious buyer. At Mortgage Design Group, we compare your application against 25+ banks and lenders — free of charge — so your pre-approval reflects the best rate you can actually get, not just what one bank offers.
WHAT IS A MORTGAGE PRE-APPROVAL?
A mortgage pre-approval is a lender’s written estimate of how much they’re willing to lend you, based on your income, debts, credit, and down payment — before you’ve found a home to buy. It’s different from a mortgage approval, which happens later once you have a specific property and the lender has appraised it.
A pre-approval gives you three things: a realistic budget so you don’t waste time looking at homes outside your range, a rate hold that protects you if rates rise while you’re shopping (typically 90-120 days, lender-dependent), and stronger positioning when you make an offer, since sellers know your financing is already lined up.
Pre-Approval vs. Pre-Qualification – What’s the Difference?
These terms get used interchangeably, but they’re not the same thing. A pre-qualification is a quick, informal estimate based on numbers you self-report — no documents, no credit check, no guarantee. A pre-approval is the real version: we verify your income, debts, and credit with actual documentation, and a lender commits (in writing) to a specific amount and rate. If you’re serious about buying, pre-approval is what you want — it’s the one that actually holds up when you make an offer.
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:
-
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.
-
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.
-
Flexibility: Some lenders may offer shorter (60 days) or longer (up to 180 days) terms, but 120 days is the industry standard.
-
No Obligation: Getting pre-approved doesn’t force you to borrow from that lender; it just secures your rate and confirms your buying power.
What Documents Do You Need for Pre-Approval?
Generally, you’ll need:
- Proof of income — recent pay stubs, a letter of employment, and T4s or Notices of Assessment for the last 2 years. Self-employed? We’ll ask for 2 years of tax returns and financial statements instead.
- Proof of down payment — recent bank statements showing where your down payment is coming from (savings, RRSP withdrawal, gift, etc.).
- ID — a valid government-issued photo ID.
- Debt information — details on any existing loans, credit cards, or lines of credit, so we can calculate your full debt picture.
- Credit check consent — we’ll pull your credit report as part of the application.
How Does Credit Score Affect Pre-Approval?
Your credit score is one of several factors lenders weigh, alongside income, debt levels, and down payment size — it’s not the only thing that matters. Generally, a stronger credit score opens up more lenders and better rates, while a lower score narrows your options but doesn’t automatically rule you out — this is exactly where working with a broker who has access to 25+ lenders (including options beyond the big banks) makes a real difference. If your credit needs some work before applying, we can also point you toward simple steps to improve it first.
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.
Frequently Asked Questions
Is mortgage pre-approval free?
Yes. Our service is free to you — we’re compensated by the lender once your mortgage funds, not by you.
Does getting pre-approved hurt my credit score?
A pre-approval involves a credit check, which can cause a small, temporary dip — but it’s a normal part of the process and far outweighed by the benefit of knowing your real budget before you shop.
Can I get pre-approved with bad credit?
Often, yes. Because we compare 25+ lenders instead of just one bank, we have more options for buyers whose credit isn’t perfect. Talk to us before assuming you don’t qualify.
How much can I afford?
That depends on your income, debts, down payment, and current rates — which is exactly what a pre-approval calculates precisely for your situation. Get pre-approved → to find your real number.
Do I have to use the lender that pre-approves me?
No — your pre-approval isn’t locked to one lender. We continue comparing options right up until you’re ready to finalize, so you get the best available rate at the time you actually buy.