MORTGAGE & PRE-APPROVAL

Know Your Numbers Before You Start Looking

A practical look at the buying process, from early planning to closing day.

BEFORE YOU SET YOUR SEARCH RANGE

Your Approval Is a Ceiling, Not a Target

A mortgage pre-approval gives you an estimated maximum purchase price based on your income, debts, down payment and current lending conditions. It’s an important starting point, but it doesn’t account for every expense or tell you what will feel comfortable month to month.

What Your Pre-Approval Tells You:

Approximately how much you may be able to borrow

An estimated purchase-price range

What your payments could look like

Whether there are issues to address before shopping

A possible interest-rate hold, depending on the lender

What You Still Need to Decide:

The monthly payment you’re comfortable carrying

How much savings you want left after closing

What property taxes, utilities and maintenance may cost

Whether condo fees or future repairs fit your budget

How much room you want for everyday life

The goal isn’t simply to buy at the top of your approval. It’s to choose a price range that still leaves room for the rest of your life.

A quick but important note: I’m a REALTOR®, not a mortgage broker, mortgage agent or lender. Mortgage products, qualification requirements, rates and required documents can vary between providers. The information on this page is general preparation guidance only. Your mortgage professional or financial institution must confirm what applies to your circumstances.

IMPORTANT TO UNDERSTAND

Pre-Approved Does Not Mean Fully Approved

A pre-approval is an important starting point, but it does not guarantee that financing will be approved for a particular property or for the full amount discussed.

Final approval may still depend on:

Verification of your financial information and documents

The property’s value and condition

The lender’s rules for that property type

The amount and source of your down payment

Your financial circumstances remaining consistent

Your pre-approval still being valid when you apply

This is why a financing condition may still be important, even when you have a pre-approval. That decision should be made with your mortgage professional and based on the specific property and offer circumstances.

PROTECTING YOUR INFORMATION

Your Financial Documents Don’t Belong in My Inbox

I do not need to review your income documents, bank statements, credit information, identification numbers, tax records or mortgage application. Those documents should go directly to the mortgage professional or financial institution handling your financing, using the secure process they provide.

Please don’t upload or email sensitive financial documents through this website. This site does not collect or store pay stubs, tax documents, banking records, credit information, government identification numbers or mortgage applications.

FINDING THE RIGHT PROFESSIONAL

Need Someone to Speak With?

You’re always welcome to work with your own bank, credit union, mortgage broker or advisor. If you don’t already have someone, I can introduce you to mortgage professionals I know and am comfortable connecting with my clients.

A referral is simply an introduction. Not a requirement or a guarantee of approval. You should ask questions, confirm licensing where applicable and choose the professional who feels right for you.

Request a Mortgage Introduction

BEFORE YOU RELY ON THE NUMBER

Questions Worth Asking Your Mortgage Professional

Not every pre-approval involves the same level of review. These questions can help you understand what has actually been confirmed and what may still be outstanding.

Is this a preliminary estimate or a documented pre-approval?

What information and documents have you reviewed?

How was the maximum amount calculated?

How long is the pre-approval or rate hold valid?

What conditions apply to the quoted rate?

What happens if rates decrease during the hold period?

Can the pre-approval be extended?

Do you work with one lender or several?

Are there any fees I should know about?

Are certain property types or conditions difficult to finance?

What could cause my approved amount to change?

What should I avoid doing before closing?

When should I contact you after finding a property?

How should I send you documents securely?

GETTING YOUR DOCUMENTS TOGETHER

What Your Mortgage Professional May Ask For

The exact requirements depend on your employment, income and financial situation, but having the basics ready can make the pre-approval process much smoother.

Identification

Government-issued photo ID
Your current address and contact information
Immigration or residency documents, if applicable

Income and Employment

Recent pay stubs
A letter of employment
T4 slips and Notices of Assessment
Additional documentation if you’re self-employed or earn variable income

Down Payment

Recent bank or investment statements
Documentation for gifted funds
Details about RRSP funds or other savings you plan to use
Proof showing where the money came from, if requested

Debts and Obligations

Credit cards and lines of credit
Vehicle or student loans
Support payments or other ongoing obligations
Details about any properties you already own

Closing Note:

Try not to move large amounts of money between accounts while you’re preparing your documents without keeping a clear record. Lenders may need to verify where your down payment came from.

BEFORE YOU GET THE KEYS

What Can Change Your Pre-Approval

A pre-approval is based on your finances at a particular point in time. Changes made while you’re searching for a home, or even after your offer is accepted, can affect the amount or terms a lender is prepared to approve.

New Debt

Financing furniture, appliances or another large purchase increases the debt a lender must consider.

Vehicle Financing

Buying or leasing a vehicle can create a significant new monthly payment.

New Credit

Applying for credit cards or increasing credit limits may affect your credit profile.

Employment or Income Changes

Changing jobs, becoming self-employed or experiencing a reduction in income, hours or employment stability may require another review.

Using or Moving Your Savings

Using or moving money intended for your down payment or closing costs can create questions about the source and availability of those funds.

Missed Payments

Late or missed payments may affect your credit and the lender’s final decision.

Co-Signing for Someone Else

Co-signing a loan or other financial obligation may create a debt that the lender must consider, even if someone else is expected to make the payments.

An Expired Pre-Approval

Pre-approvals and rate holds are valid for a limited period. Your finances and the available terms may need to be reviewed again if yours expires.

The Property Itself

The property’s value, condition, type or insurability may affect the lender’s final decision, even when your personal finances have already been reviewed.

Ask Before You Make a Major Change

You don’t need to put your entire life on hold, but it is worth checking with your mortgage professional before taking on debt, changing employment or making a large financial move. A quick conversation now can prevent a much more stressful surprise later.

Small note:
A pre-approval is not a guarantee of final mortgage approval. The lender must still approve the specific property and confirm that your financial circumstances continue to meet its requirements.

A Useful Home Search Starts With Information You Can Rely On

Once you have a current financial range and understand the conditions attached to it, we can build a search around what makes sense for your budget, your plans and the way you actually want to live.