Pre-approval
Mortgage pre-approval in Ontario, before you shop
A pre-approval tells you how much a lender is likely to lend, and many lenders will hold a rate for a set period while you shop. We prepare the pre-approval with you for your Ontario purchase and explain its conditions in plain English.
A mortgage pre-approval is a lender's conditional estimate of how much it would lend you, based on your income, debts, credit and down payment. A pre-approval often comes with a rate hold. The pre-approval is not a final approval: the lender still has to approve the property and verify your documents, so a pre-approval is always subject to lender approval.
Where you are in your home search
A pre-approval does a different job at each point in a home search. Find the point that matches yours.
You're about to start viewing homes
Before you view homes, a mortgage pre-approval shows the price range that fits your income. We also work out the monthly payment you are comfortable with, which may be lower than the lender's maximum.
You're shopping, and mortgage rates may move
If mortgage rates rise while you shop, a rate hold can protect you, and we ask for one with your pre-approval. If rates fall instead, many lenders give you the lower rate; we tell you whether your lender does.
You're about to make an offer against other buyers
In a multiple-offer situation, you and your agent have to decide quickly. Your pre-approval tells you in advance the price range and the monthly payment that fit.
The seller has accepted your offer
Once the seller accepts your offer, we send the property details to the lender for full approval. A pre-approval is not a final approval: the lender still has to approve the home and verify your documents.
The kinds of lender we try, in order
We start with the first kind of lender for every client, and move down the ladder only when the kind above can't help yet.
Banks, credit unions, trust companies and monoline lenders
A bank, credit union, trust company or monoline lender usually costs you least. We start here for every client, and compare more than one lender's offer.
How we compare lenders →Alternative ("B") lenders
We look at alternative lenders when your income, credit or property doesn't fit a bank's rules today. Alternative lenders charge higher rates and fees, often for a shorter term, so we plan your move back to a bank.
When an alternative lender fits →Private money, as a short bridge
We look at a private bridge only when no bank or alternative lender can help yet and there's a clear exit. We refer private requests to Stonefield Capital, our private-lending brand.
When private makes sense →
How a pre-approval goes from the first call to full approval
A short call
We ask about your income, debts, savings and plans. No documents are needed for the first conversation.
Documents and credit check
With your consent, a credit report is pulled, and you share income and down-payment documents through a secure application. You never send documents by e-mail.
Lender pre-approval
We match you with suitable lenders and request the pre-approval and any rate hold available.
Shop, then get full approval
When your offer is accepted, we send the property details to the lender for full approval.
What documents and details do I need to have ready?
You need no documents for the first call. Once we know which documents your lender needs, you share them through a secure application and never by e-mail.
- Photo ID
- Income documents (pay stub and employment letter, or tax returns and Notices of Assessment if self-employed)
- Proof of your down payment and where it comes from
- A list of your monthly debts (car loans, lines of credit, support payments)
Questions about mortgage pre-approval
Is a pre-qualification the same as a pre-approval?
No. A pre-qualification is a quick estimate based on what you tell us. A pre-approval goes further: a lender reviews your credit and documents and states what it is prepared to lend, subject to conditions.
Is a pre-approval a promise to lend?
No. A pre-approval is subject to lender approval of the specific property (value, condition, type) and to your situation not changing. A new job, a new car loan or a missed payment can change the lender's answer. Avoid taking on new debt between pre-approval and closing.
How long does a rate hold last?
It depends on the lender; holds are commonly in the range of 90 to 120 days. We tell you the exact hold period of the lender we use.
Does a pre-approval affect my credit score?
A lender's credit check can have a small, temporary effect on your credit score. Several mortgage inquiries within a short window are generally treated by the credit bureaus as one search.
Rules described on this page were checked on 2026-10-23. Every mortgage is subject to lender approval. This page is general information, not financial advice.
More questions about mortgage pre-approval
No cost to talk
Ask a mortgage broker to call you back
Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.
You can also call us at (416) 371-2077.