A pre-approval tells you your true, stress-tested budget and shows sellers you’re a serious, verified buyer — and getting one is free and doesn’t obligate you to anything. Here’s what Canadians ask most before they start. Want more detail? Read how to get pre-approved, the documents you’ll need, or pre-approval vs pre-qualification.
- Does this pre-qualification affect my credit score?
- No. The 60-second estimate on this page is a soft check — it runs your numbers against Canadian lending rules without pulling your credit bureau, so your score is untouched. A full pre-approval later involves one hard inquiry, and if you work through a broker that single inquiry covers every lender we shop, so there's no separate hit per lender.
- What's the difference between pre-qualification and pre-approval?
- Pre-qualification is a quick, informal estimate based on the numbers you enter — no documents and no rate hold. A pre-approval is a document-backed assessment where a lender verifies your income, credit and down payment, confirms a specific amount, and holds a rate (typically 90–120 days). Sellers trust a pre-approval; a pre-qualification is a starting point. See our full comparison of pre-approval vs pre-qualification.
- How long does a mortgage pre-approval last?
- Most pre-approvals hold your rate for 90 to 120 days, depending on the lender. If you haven't found a home by then it can usually be refreshed. The rate hold protects you: if rates rise while you shop you keep the lower rate you locked; if they fall, you typically get the lower rate at closing.
- What documents will I need for a full pre-approval?
- Generally: recent pay stubs and a letter of employment (or two years of self-employed income), your last two Notices of Assessment, government ID, and proof of your down payment and its source. Self-employed and commission-earning borrowers usually provide additional income documentation. We tell you exactly what your file needs before you commit anything.
- Is a pre-approval a guarantee I'll get the mortgage?
- No — and it's important to know why. A pre-approval assesses you: your income, credit and down payment. The final approval also assesses the specific property, so it still needs the accepted offer and usually an appraisal. A pre-approval can fall through if the appraisal comes in low, your finances change, or rates and rules shift. That's why you should keep a financing condition in your offer unless your advisor confirms it's safe to waive.
- How is my maximum estimate calculated?
- We apply the Canadian mortgage stress test — you must qualify at the greater of your contract rate plus 2% or 5.25% — and keep your Gross Debt Service (GDS) ratio at or below roughly 39% and your Total Debt Service (TDS) ratio at or below roughly 44%, with a property-tax assumption built in. The result is a realistic, stress-tested purchase price, not an inflated number that falls apart at the lender.