Pre-approval vs
pre-qualification —
one gets you in the room.
A pre-qualification estimates what you might borrow. A pre-approval verifies your documents and credit, confirms an amount, and usually holds a rate for 90 to 120 days. Use a pre-qualification to plan — and a pre-approval before you make an offer.
Four ways they actually differ.
The core question is always the same: did anyone actually check? Everything else follows from the answer.
Estimate vs. confirmed amount
A pre-qualification gives you a borrowing range based on what you report — nothing verified. A pre-approval delivers a lender-confirmed number that sellers and agents treat as real.
Soft or none vs. hard inquiry
Pre-qualification uses no credit check or a soft pull, so your score stays untouched. A pre-approval triggers a hard inquiry — a small, temporary dip that fades within months.
No protection vs. 90–120 days
Only a pre-approval comes with a rate hold. If rates rise while you search, you keep the held rate. If they fall, we re-shop your file so you are not stuck with the higher one.
Little signal vs. serious buyer
Sellers give a pre-qualification little weight because nothing has been checked. A pre-approval signals that a lender reviewed your income, credit, and down payment.
Which one do
you actually need?
The answer depends on where you are in the buying process — not on which one sounds more impressive.
Understand your situation
Are you planning a purchase months away, or writing offers soon? A pre-qualification is a fast, no-document starting point. A pre-approval is the verified version you need before competing in today's market.
Compare on the factors that matter
Credit impact, rate hold, seller weight, and time to complete vary significantly between the two. Use the full comparison table on this page to see exactly where they differ — factor by factor.
Get pre-approved for the right product
When you are ready to offer, we verify your documents across 100+ lenders, hold your rate for up to 120 days, and deliver a number sellers treat as credible.
Which is right
for you?
Tap any situation below to see which option fits — and why.
If you’re…You're a year or more from buying
You're a year or more from buying
An estimate is enough to set a savings target and a price range. Revisit it as your down payment grows, then move to a pre-approval when you're ready to shop.
Get a quick estimateIf you’re…You've started booking showings
You've started booking showings
Get verified before you fall for a home. A confirmed number keeps your search realistic and lets you move quickly when the right listing appears.
Start my pre-approvalIf you’re…You're worried rates will climb
You're worried rates will climb
Only a pre-approval comes with a rate hold, typically 90 to 120 days. A pre-qualification doesn't protect you if rates move while you search.
Lock a rate holdIf you’re…Your income is self-employed or variable
Your income is self-employed or variable
Lenders need more paperwork to verify business or commission income. Starting early gives you time to gather it and find a lender whose rules fit your file.
Start my fileIf you’re…Your credit score is near a threshold
Your credit score is near a threshold
Start with a no-pull estimate, then decide whether paying down balances before a hard inquiry could improve the rate or amount you qualify for.
Get my estimateIf you’re…You just want to know your rough budget
You just want to know your rough budget
A pre-qualification takes minutes and requires no documents. It gives you a realistic range based on the income and debts you share — useful for setting a search budget before you're serious.
Try the affordability calculatorPre-qualification vs
pre-approval: every factor.
Neither one is final approval — but they are not interchangeable once you start making offers.
- Planning a purchase that's months away
- Setting a rough price range and savings target
- Testing what-if scenarios, like a bigger down payment
- Seeing where you stand without a hard credit inquiry
- Booking showings now or writing offers soon
- Protecting yourself if rates rise while you search
- Competing with buyers who are already pre-approved
- Self-employed or variable-income files that need more paperwork
| Factor | Pre-qualification | Pre-approval |
|---|---|---|
| What you get | An estimated borrowing range | A confirmed amount, subject to the property |
| Information used | What you tell the lender or broker | Your documents and your credit report |
| Credit check | None or a soft check, no score impact | A hard inquiry, a small and temporary dip |
| Rate hold | None | Usually 90 to 120 days |
| Time to complete | Minutes | Often a few days once documents are in |
| Weight with sellers | Little | Signals a serious, verified buyer |
| Final approval? | No | No, the property still needs approval |
| Cost through a broker | Free | Typically free on standard files |
Use a pre-approval before you offer.
Common questions,
clear answers.
Credit checks, rate holds, seller weight, and fees — answered plainly.
What's the difference between mortgage pre-approval and pre-qualification?
A pre-qualification estimates what you could borrow using numbers you report, with no documents and usually no hard credit check. A pre-approval verifies your income, credit and down payment, confirms a specific amount and usually holds a rate for 90 to 120 days. Sellers give far more weight to a pre-approval.
Is a pre-qualification enough to make an offer?
Nothing stops you from making an offer on a pre-qualification, but it's risky. The verified number can come back lower than the estimate, and sellers give a pre-qualification little weight. Get a pre-approval before you write an offer, and keep a financing condition in it.
Does pre-qualification affect my credit score?
Usually not. A pre-qualification relies on a soft check or no check at all, and soft checks don't affect your score. Only the hard inquiry from a full pre-approval can cause a small, temporary dip.
How long does a mortgage pre-approval last?
Most lenders hold a pre-approved rate for 90 to 120 days. If you haven't bought by then, a pre-approval can usually be refreshed with updated documents.
Can I still be declined after a pre-approval?
Yes. Final approval also depends on the property. A low appraisal, problems with the home, a change in your income or new debt, or a change in lending rules can all lead to a decline. That's why a financing condition in your offer matters.
Does it cost anything to get pre-approved through a broker?
On standard residential files, no. The lender pays the broker, so pre-qualification and pre-approval are typically free to you. If a specialized file ever calls for a fee, it's disclosed in writing before you commit.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Find a mortgage specialist in your city
Pre-approvals work the same way across Canada — one application, one credit check, 100+ lenders. What differs is the local market you're buying into: your price band, the land transfer taxes at closing, and which lenders are most active in your area.