Mortgage Information & Calculators

Calculators & Reports

Mortgage Pre-Approval

Mortgage Pre-Approval: Your First Step Toward Home Ownership

Getting a mortgage pre-approval is a critical first step for all homebuyers before requesting showings or beginning the home search. A mortgage pre-approval provides you with an official confirmation from a lender of how much you can afford, which allows you to shop with confidence and ensures that you're looking at properties within your budget.

Why is Pre-Approval So Important?

A mortgage pre-approval sets realistic expectations and speeds up the home-buying process. Sellers and real estate agents will take you more seriously as a buyer, knowing that you've already been vetted by a lender. It also saves time by allowing you to focus on homes that fall within your pre-approved price range, avoiding disappointment from looking at properties outside of what you can afford.

Pre-Qualification vs. Pre-Approval

Many buyers confuse pre-qualification with pre-approval.

Why You Should Still Include a Financing Condition

Even with a pre-approval in hand, we still recommend including a financing condition in your offer. While a pre-approval is an important first step, it's not a final guarantee of your mortgage until the lender has reviewed the specific property you're buying. The financing condition gives you a safeguard in case there are any issues with the property or your financial situation changes before closing.

Taking these steps ensures you’re prepared, informed, and protected throughout your home-buying journey. If you're ready to start, use our Canadian Mortgage App for pre-qualification, then contact a mortgage specialist or broker to get your pre-approval.

Click to download this amazing mortgage and pre-qualification app. 

Mortgage Specialists & Lenders

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