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Mortgage Pre-Approval in Canada
House hunting is much more enjoyable when you understand what you can realistically afford.
That's where mortgage pre-approval comes in.
A good pre-approval should do more than generate a maximum purchase price.
It should help you understand your financing before you make one of the largest purchases of your life.
What Is a Mortgage Pre-Approval?
A mortgage pre-approval is an assessment of your financial information that can help determine a potential mortgage amount and available financing options.
The process may include reviewing:
- income
- employment
- credit
- current debts
- down payment
- approximate property expenses
- mortgage qualification requirements
The exact process varies by lender.
What Documents May Be Required?
Depending on your situation, you may need documents such as:
- employment confirmation
- pay statements
- tax documents
- bank or investment statements
- down-payment verification
- information about existing debts
Self-employed borrowers may require additional documentation.
Pre-Approval Isn't Final Approval
This is extremely important.
A pre-approval does not guarantee the lender will ultimately fund a mortgage. The eventual property must also meet lender requirements. Your financial circumstances must also remain acceptable. That's why financing conditions and appropriate professional advice remain important when purchasing a property.
Don't Shop at Your Absolute Maximum Automatically
A lender's maximum qualification number is not a spending target. Consider the rest of your life.
Do you want money available for:
- travel
- children
- retirement savings
- vehicles
- hobbies
- home repairs
- emergencies
Mortgage planning works best when the house fits your life rather than forcing your life to fit the mortgage.
Don't Change Your Finances Mid-Purchase
Once you're pre-approved or have a live mortgage application, avoid making major financial changes without understanding their effect.
That includes:
- changing employment
- financing vehicles
- opening major new credit accounts
- increasing debt balances
- co-signing loans
Changes can affect mortgage qualification.
Start Before You Find the House
The best time to discover a mortgage problem isn't three days before your financing condition expires.
Pre-approval gives you the opportunity to identify issues earlier.
It also means when you do find the right property, you're starting from a much stronger position.
Before you start searching for a home, start with a mortgage conversation. Talk with Haystax Mortgage. Find a Haystax Mortgage location here.
Why Work With Haystax Mortgage?
More than one lender. More than one option.
A bank can generally offer you its own mortgage products. A mortgage brokerage can explore options from a broader range of lenders.
But access to lenders is only part of the value.
A Haystax Mortgage professional can help you understand:
how different mortgage structures compare
which lender requirements may fit your situation
the trade-offs between rate and flexibility
penalties and prepayment privileges
how your mortgage fits your longer-term financial plans
You're at HOME with Haystax!
Frequently Asked Questions
How do I get pre-approved for a mortgage?
Mortgage pre-approval generally begins by providing information about your income, employment, debts, credit and down payment to a mortgage professional or lender.
Your financial information is reviewed to estimate the mortgage amount you may be able to qualify for and the corresponding purchase-price range.
Getting pre-approved before actively house hunting can also identify documentation or qualification issues early in the process.
What documents do I need for mortgage pre-approval?
The documents required depend on your employment and financial situation.
Common examples include:
- recent pay statements
- employment confirmation
- tax documents
- Notices of Assessment
- bank or investment statements
- down-payment documentation
- information about existing debts
Self-employed applicants may need additional business and income documentation.
Does mortgage pre-approval guarantee financing?
No. Mortgage pre-approval does not guarantee final mortgage financing.
Final approval normally depends on both the borrower and the property satisfying the lender's requirements. The lender may need to confirm the property's value and characteristics and may request updated financial information before funding.
Your financial circumstances should therefore remain as stable as possible between pre-approval and closing.
How long does mortgage pre-approval last?
The length of a mortgage pre-approval or rate hold varies by lender and mortgage product.
Many lenders offer rate holds for a defined period, but the exact period should be confirmed when the pre-approval is arranged.
If your pre-approval expires before you purchase a home, your financial circumstances, documentation and available mortgage rates may need to be reviewed again.
How much can I get pre-approved for?
Your potential pre-approval amount depends on income, debts, down payment, credit, qualifying interest rate and estimated housing expenses.
For uninsured mortgages at federally regulated lenders, the current prescribed qualifying rate is generally the greater of the mortgage contract rate plus 2% or 5.25%.
Remember that the maximum amount you can qualify for is not necessarily the amount you should spend. Your personal budget should also include savings, lifestyle expenses and financial goals.
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