{"id":1602,"date":"2022-04-13T16:13:10","date_gmt":"2022-04-13T16:13:10","guid":{"rendered":"https:\/\/dev.wahi.com\/wp\/?p=1602"},"modified":"2025-04-12T06:27:03","modified_gmt":"2025-04-12T06:27:03","slug":"pre-approved-mortgage","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/pre-approved-mortgage","title":{"rendered":"Getting Pre-Approved for a Mortgage"},"content":{"rendered":"

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Ready to submit an offer? Ensure you\u2019re a qualified buyer first to increase your chances of success.<\/p>\n<\/div>\n

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By Emily Southey<\/a> | 7 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”1px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”49px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”2rem” header_2_line_height=”2.5rem” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_padding=”||38px|||” header_2_font_size_tablet=”36px” header_2_font_size_phone=”1.5rem” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”1.3em” header_2_line_height_phone=”2.25rem” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

If you\u2019re house hunting in Canada, then chances are you\u2019ll need a mortgage. This means that alongside interviewing REALTORS\u00ae and touring properties, you will have to make sure that you qualify, and the best way to do this is to get pre-approved for a mortgage. This not only simplifies the entire buying process, but also gives you an idea of how much money you\u2019re able to borrow with minimal risk.\u00a0<\/p>\n

\u00a0–<\/span><\/p>\n

A pre-approved mortgage allows Canadian buyers to know the maximum amount of money they could borrow, estimate their mortgage repayments, and possibly even lock in a particular interest rate, depending on the lender. To learn more about mortgage pre-approval, including where to get one and how they differ from a mortgage pre-qualification, keep reading.<\/p>\n

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What Does Getting Pre-Approved For a Mortgage Mean?<\/h2>\n

\u00a0A mortgage is a type of loan used to buy a home or another type of property.\u00a0 This enables the lender, which could be a bank, loan company, or insurance company, to take possession of the property if the buyer fails to repay the loan on time. Typically, mortgages are large loans that are paid off over a number of years.\u00a0<\/p>\n

\u00a0–<\/span><\/p>\n

Before you submit a mortgage application, it\u2019s recommended that you get pre-approved for one. Mortgage pre-approval is when a lender confirms that you qualify for a mortgage loan based on the documentation you have provided. Mortgage pre-approvals specify a term, interest rate, and principal amount. The principal amount is a valuable piece of information that homebuyers can use to determine their budget.\u00a0<\/p>\n

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If you\u2019ve already gathered the necessary documentation (more on that below), you can obtain a mortgage pre-approval in as little as an hour.\u00a0<\/p>\n

\u00a0–<\/span><\/p>\n

Getting pre-approved for a mortgage not only makes you a more attractive buyer, but it provides a clearer picture of what you can afford. To ensure shopping for a home in Canada goes as smoothly as possible, we suggest applying for mortgage pre-approval first, before you contact a real estate<\/a> agent or start looking at houses.<\/p>\n

\u00a0–<\/span><\/p>\n

Please also note that a pre-approved mortgage is the maximum amount you may get for a mortgage; it doesn\u2019t guarantee that you\u2019ll get a mortgage for that amount. When it comes time to submit a formal mortgage application, the approved mortgage amount will depend on several factors, including the value of the property and how much you have for a down payment.<\/p>\n

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What to Do Before Getting Pre-Approved For a Mortgage<\/h2>\n

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Gathering the documents needed for a mortgage pre-approval can take time, so it\u2019s best to start early. Generally speaking, a mortgage lender or broker will want to assess your assets (what you own), your income, and your level of debt (if applicable). To assess this, Canadian buyers should be prepared to provide documentation relating to the following:<\/p>\n

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