Your real budget
You visit properties within your reach, with no unpleasant surprises.
Mortgagepre-approval
A lender reviews your financial situation to estimate the maximum amount it could lend you, and on what terms. The rate can be guaranteed for a period that usually ranges from 60 to 130 days.
Annie Payant & Jasmin MorinReal estate brokers · RE/MAX du Cartier
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An advantage when several buyers are interested in the same house.
A protected rate
The rate can be guaranteed for a certain time while you search.
Trusted partners
We put you in touch with mortgage brokers.
What you need to know
A form of commitment from the lender
A pre-approval is a form of commitment from the lender. Once it expires, it is no longer valid: a buyer who still needs one must apply again.
In a competitive market, it can be a real advantage. It is not, however, the final approval of the loan, which takes other factors into account, including the property itself.
How to prepare
The lender or mortgage broker will usually ask for proof of income (pay stubs, an employment letter, or tax returns if you are self-employed), proof of your down payment, a list of your debts and a piece of ID. They will also check your credit report.
Pre-approval or final approval?
Final approval comes after your promise to purchase has been accepted, once the lender has assessed the property. Avoid changing your situation (a new job, a new loan, a large purchase on credit) in between.
Ready to go house hunting?
With your pre-approval in hand, Annie and Jasmin will help you find the right property.