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FAQs – Mortgage Pre-Approval in Ontario
Q: How long does a mortgage pre-approval last in Ontario?
Most mortgage pre-approvals are valid for 90–120 days, depending on the lender. This gives you time to shop for a home while protecting you from interest rate increases.
Q: Does a mortgage pre-approval guarantee I will be approved?
No. Final approval depends on the property you choose, its appraisal value, and updated verification of your income, debts, and credit.
Q: Can I get pre-approved for a mortgage with bad credit?
Yes. We work with alternative lenders and private lenders who offer flexible options for clients with lower credit scores.
Q: Does getting pre-approved hurt my credit score?
A single credit check for a mortgage pre-approval has only a small, temporary effect on your credit score. Multiple checks within a short period are usually counted as one inquiry.
Q: Is a mortgage pre-approval free in Canada?
Yes. Tanya offers free mortgage pre-approvals with no obligation to proceed.
Q: How much income do I need to get pre-approved for a mortgage in Ontario?
Income requirements depend on your debt load, credit score, and the size of your down payment. We calculate your GDS (Gross Debt Service) and TDS (Total Debt Service) ratios to determine your maximum purchase price.
Q: Can I get pre-approved for a mortgage before I have a down payment?
You can start the pre-approval process early, but you’ll need a confirmed down payment (from savings, RRSP, gift, or other approved sources) before a lender issues a final approval.
Q: What documents do I need for a mortgage pre-approval?
Most lenders require proof of ID, recent pay stubs, tax returns, bank statements, and details of any debts or loans.
Q: Can self-employed people get mortgage pre-approval?
Yes. Self-employed borrowers may need to provide additional documents such as business financial statements, contracts, or a Notice of Assessment from the CRA.
Q: Should I get pre-approved with multiple lenders?
Working with a mortgage broker like Tanya allows you to compare multiple lenders with just one application, protecting your credit score.
Q: What happens if interest rates drop after I get pre-approved?
If rates go down during your pre-approval period, you may still qualify for the lower rate when you finalize your mortgage.
Q: Can I change the amount after getting pre-approved?
Yes. If your budget changes or you find a more affordable home, we can adjust your pre-approval amount.
Q: Do I need a pre-approval to make an offer on a house in Ontario?
While it’s not mandatory, most sellers and real estate agents prefer working with buyers who are pre-approved, as it shows you are serious and financially ready.