What is a mortgage pre-approval in Canada?

A mortgage pre-approval is a conditional commitment from a lender stating they will lend you a specific amount. It is based on a review of your income, credit score, down payment, and financial obligations.

How long does a mortgage pre-approval last?

Mortgage pre-approvals in Canada typically last 90 to 120 days. Some lenders may extend this period if needed. It is important to get pre-approved before starting your home search.

Does a pre-approval guarantee my mortgage rate?

Yes, most pre-approvals include a rate hold, usually for 90-120 days. This protects you from rate increases while you search for a home. If rates go down, you can often still get the lower rate.

Pre-Approval | Finex Lending

As the very first step in your homebuying journey, we'll help you obtain a pre-approval before you even begin house hunting. This will prevent you from falling in love with a home you simply can't afford.

A pre-approval is a conditional commitment from a lender to grant you a mortgage. Your Mortgage Broker will conduct a thorough analysis of your finances and creditworthiness, and further assess whether you meet the requirements to successfully secure the loan you're seeking.

Affordability is determined by looking at a number of factors including your income, interest rates, down payment amount, housing costs and other ongoing financial obligations such as credit card debt and car payments.

Pre-Approval

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