Getting Pre-Approved for a Mortgage

To increase your chances of successfully buying a home in Canada, it's essential to get pre-approved for a mortgage. This process confirms your eligibility for a loan based on your financial documentation, helping you understand your budget and potentially lock in an interest rate. Pre-approval requires proof of income, assets, identification, and information about debts. Unlike pre-qualification, which is informal and less detailed, pre-approval involves a thorough financial assessment. It's advisable to start this process early, as pre-approvals typically expire after three to four months.