Ontario mortgage help
Mortgage pre-approval in Ontario
A pre-approval can establish an estimated borrowing range and may hold a rate, but it is not a promise that a specific borrower and property will receive final approval.
What to do first
Review income, debts, credit, down payment, and monthly housing costs before requesting a pre-approval.
Ask which information was verified, which assumptions were used, and what documents remain outstanding.
Confirm the rate-hold amount, expiry date, eligible term, and whether a lower available rate can be applied later.
Before waiving a financing condition, obtain confirmation that the lender has reviewed the actual property and complete application.
Important considerations
Pre-approval is not final approvalChanges to income, debts, credit, down payment, interest rates, documents, or the property may change the result.
A rate hold has conditionsIts duration, eligible products, and treatment of rate changes vary. Ask for the terms in writing.
Maximum qualification is not a household budgetLeave room for maintenance, utilities, savings, income changes, and other expenses that debt-service calculations may not capture.