Mortgage Pre-Approval Guide
Getting pre-approved is the most important first step in your home-buying journey. It tells you exactly how much you can afford and locks in an interest rate.
1. Gather Your Documents
You'll need proof of income, employment verification, and a list of your assets and debts. Prepare your T4s and recent pay stubs.
2. Check Your Credit Score
Lenders will pull your credit report. A score of 650 or higher is typically needed for a standard mortgage in Canada.
3. Lock in Your Rate
A pre-approval typically locks in a rate for 90 to 120 days, protecting you if interest rates rise while you're shopping.