Before you look at homes, get a mortgage pre-approval. It tells you the most a lender may lend you, and it lets you make an offer with numbers you trust. Checked October 3, 2026.
What the lender will ask for
- Identification.
- Proof of employment.
- Proof that you can pay for the down payment and closing costs.
- Information about your other assets.
- Information about your debts and financial obligations.
What a pre-approval gives you
- The maximum amount you may get for a mortgage.
- An interest rate held for 60 to 130 days, depending on the lender.
- An estimate of your payments.
What it does not give you
A pre-approval does not guarantee that the mortgage will be approved, or approved for that amount. The lender still has to look at the home you choose, and your situation must not change. That is why many buyers keep a financing condition in their offer. Ask before you remove it.
The stress test
You have to qualify at a rate higher than the one you will pay: your contract rate plus 2%, or 5.25%, whichever is higher. This is why the amount you qualify for is lower than a simple payment calculation suggests.
Before the appointment
- Don’t open new credit or take a car loan while you are shopping for a home.
- Keep the down payment money where you can show its history.
- Tell the lender about every debt. They will see it anyway.
See a rough number first: the affordability calculator. Then read minimum down payment rules.
Sources (official pages, checked October 3, 2026)
- Financial Consumer Agency of Canada – Getting preapproved and qualifying for a mortgage
- OSFI – Minimum qualifying rate for uninsured mortgages (the stress test)
- CMHC – Requirements for homeowner mortgage loan insurance (39% and 44% ratios, $1,500,000 limit)
Programs and limits change, often at budget time. Confirm the current rules on the official page before you rely on them.
Talk to me in English or Arabic: call or text (647) 465-3710, message me on WhatsApp, or email Mohieddinrealtor@gmail.com.
General information only – not financial, legal or mortgage advice. Please consult a licensed professional about your own situation.