Mortgage pre-approval: preparing your purchase budget

A pre-approval helps structure your search, but it does not replace an analysis of the property or the lender’s final approval.

What a pre-approval confirms

A lender reviews your situation and gives an indication of the amount and terms you might qualify for. The terms and validity period depend on the lender.

The amount indicated is not necessarily the budget you want to spend on your purchase. Keep a margin for ownership costs and your other priorities.

Prepare the requested information

The lender may ask for information about your income, debts, down payment and employment situation. The exact list varies by file.

Send your financial information directly to your lender or mortgage professional, not through the website’s contact form.

Calculate more than the payment

An estimated payment does not necessarily include property taxes, condo fees, insurance, utilities or closing costs.

Use the calculator as a starting point, then have the figures and conditions confirmed by a mortgage professional.