Mortgage Approval Process

House with green check mark

The Pre-Approved Process

Obtaining a pre-approval will make the home buying process less stressful

*If you are a First time home buyer you are eligible for Government incentives. First Time Home Buyer Incentives

*Homebuyers with a pre-approved mortgage have the upper hand when they put an offer on the table. Having pre-approval demonstrates that you’re serious about purchasing a home. 

A potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.
With a pre-approval, you can:

  • know the maximum amount of a mortgage you could qualify for
  • estimate your mortgage payments
  • lock in an interest rate for 60 to 120 days, depending on the lender
A potential lender will look at your credit report before approving you for a mortgage.

A lender will look at your current assets, your income and your current level of debt.
You’ll need to provide your lender or mortgage broker with the following:

  • identification
  • proof of employment
  • proof you can pay for the down payment and closing costs
  • information about your other assets, such as a car, cottage or boat
  • information about your debts or financial obligations

Mortgage Affordability Calculator

For proof of employment, your lender or mortgage broker may ask you to provide:

  • proof of current salary or hourly pay rate (for example, a current pay stub and a letter from your employer)
  • your position and length of time with the organization
  • Notices of Assessment from the Canada Revenue Agency for the past two years, if you're self-employed

Your debts or financial obligations may include:

  • credit card balances and limits, including those on store credit cards
  • child or spousal support amounts
  • car loans or leases
  • lines of credit
  • student loans
  • other loans

Mortgage Payment Calculators

Submit your Application for Approval

Once your offer has been accepted, your lender will then submit your mortgage application for approval. This can take 7-14 days. Also, your lender will discuss all the terms and conditions of the mortgage, such as:

  • the amount
  • the amortization period
  • the term
  • how often you will make payments
  • the interest rate
  • if it is an open or closed mortgage
Once your Mortgage is approved, you can firm up your offer!

Consider your options and choose a mortgage that is right for you