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. That budget only means something against the market you’re actually shopping in, so we qualify your file on local prices rather than a national average: Halton buyers can start with a mortgage broker serving Burlington. 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.