Last updated: November 4, 2026
A pre-approval is a good place to start. It's also easy to read too much into.
Here's what it is, what it isn't and what still has to happen after you've found the place.
What a pre-approval is
When you work with me, the pre-approval comes from me.
You send me your documents. I go through your income, credit, debts and down payment and work out what you can borrow. Then you get your budget in writing, so you know what to look at.
Nothing goes to a lender at that stage. The one exception is a rate hold, and only if it makes sense for you. Everything else waits until you've got an accepted offer.
You might hear the word used differently elsewhere. If you go straight to a lender, the lender's the one looking at your finances. That's why it's worth asking anyone who offers you a pre-approval what it actually covers.
What you'll need to send
First, you fill in the brokerage's secure application. Then you send me your documents.
For most people, that means:
- Government photo ID
- Recent pay stubs and a letter from your employer
- Your last two years of T4s or Notices of Assessment
- 90 days of statements for your down payment account
- A signed gift letter, if family's helping with the down payment
PDFs work best, and a clear photo of your ID is fine.
Every lender's a bit different, so I'll send you an exact list. If you work for yourself, it looks a little different. This one's for you.
How long it takes mostly depends on how quickly your documents come in, since I do the review myself.
What a rate hold does
A rate hold is the one thing that can go to a lender before you've got an accepted offer.
It locks in a rate with a lender for a set time while you shop. The Financial Consumer Agency of Canada says that's 60 to 130 days, depending on the lender.
Here's what it doesn't do. It isn't an approval. It doesn't guarantee you a mortgage, at that amount or any other.
If you've got one, it's worth knowing the details. How long is it good for? If rates drop, do you get the lower one automatically? Can it be extended? I'll go through those with you.
Why it isn't a lender's approval
Let's be plain about this. Final approval comes from the lender.
A pre-approval tells you what I've worked out from your documents, before there's a property. The lender hasn't reviewed your file or seen the home. That's why it isn't a final approval and it doesn't guarantee you'll get a mortgage for that amount.
Things can change between now and then too. That's why I'll ask you to keep your job and not take on new debt while this is going on.
The affordability calculator is a good first look at your budget, but it isn't a pre-approval either. It's an estimate.
What happens after the offer
Once you've got an accepted offer, the real work starts. Here's what still has to happen:
- Lender approval. I take your file and the property to the lenders that fit and compare what comes back: rate, term, penalties and fine print.
- Appraisal. I order it if it's needed, so the lender can be comfortable with the property.
- Conditions. The lender will usually have a list. I work through it with you, and you send anything they ask for.
The goal is to get all of that done before your subjects come off. A tidy house in Fruitvale and a few acres past Salmo can get very different questions, so it's worth keeping your realtor in the loop.
After that, your lawyer or notary takes it from there. There's more on each step on how it works.
Where to start
If you're buying your first place, the first-time buyer page walks through the whole thing.
Otherwise, book a 15-minute call. Bring questions, not paperwork.
This is general information from Ryan Grafton, Mortgage Broker, not advice for your situation. Estimates only. This isn't advice, a rate quote or a pre-approval. Your real numbers depend on your lender and your approval. Rules as checked on November 4, 2026.