Pre-Approvals

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A couple sitting on a couch looking worried, holding a declined mortgage application, while a banker stands outside a house pointing to a sign that reads 'Private Showing, Pre-Approved Clients Only.' Thought bubbles show money, math problems, and credit history.

House Hunting Without a Pre-Approval Can Cost You

You don't want to:

  • Waste weekends viewing homes outside your budget

  • Find your dream home and discover you can't qualify

  • Make an offer without knowing what you can actually afford

  • Overpay because you don't understand your true buying power

  • Get a pre-approval from one bank and assume that's your only option

  • Find out about financing problems after you've already made an offer

A pre-approval gives you clarity before you make one of the biggest financial decisions of your life.

Don't Start House Hunting Until You Know What You Can Afford.

What Exactly Is a Mortgage Pre-Approval?

So, what is a mortgage pre-approval?

A pre-approval is an assessment of your financial situation before you buy. We look at the following:

Income - How much you earn and how your income is structured.

Credit - Your credit history and overall credit profile.

Debt - Existing mortgages, car loans, credit cards, lines of credit and other obligations.

Down Payment - How much you're putting toward the purchase and where the funds are coming from.

Property & Purchase Price - The type of property and price range you're considering.

From there, we determine your approximate borrowing capacity and identify mortgage solutions that fit your situation.

A happy couple standing outside a house with a 'For Sale' sign, looking at a smartphone; the house has a 'know your number - confident buying power' message with a $385,000 figure in a speech bubble.

Know Your Number Before You Shop

Instead of asking:

"Can I afford this house?"

You'll know:

"This is my budget. This is what my payment could look like. Now I can shop confidently."

That means fewer surprises and better decisions.

One Bank Gives You One Answer. We Look at Your Options.

As mortgage brokers, we can work with over 100 lenders and mortgage solutions.

That can be especially valuable if you're:

  • Self-employed

  • Commission-based

  • A business owner

  • Recently started a new job

  • Using multiple sources of income

  • Carrying existing debt

  • New to Canada

  • Buying your first home

  • Concerned about your credit

  • Unsure how much you can actually qualify for

Your financial situation isn't one-size-fits-all. Your mortgage shouldn't be either.

Two people sitting at a desk with paperwork, a laptop, and a tablet, discussing pre-approval for a mortgage. The woman holds a certificate of pre-approval, and a realtor or financial advisor is presenting information on a tablet, with various icons indicating target goals, qualification, and financial details.

What You'll Get From Your Pre-Approval

By the end of the process, you should have a much clearer picture of:

Your Buying Power - Understand approximately how much you may be able to borrow.

Your Realistic Price Range - Know what price range makes sense based on your finances.

Your Estimated Payments - Understand what your potential mortgage payments could look like.

Your Rate Options - See what mortgage rates and products may be available to you.

Your Qualification Requirements - Know what documentation you'll need before you start making offers.

Your Mortgage Strategy - Understand what you should do — and what you should avoid — before buying.

A colorful illustration showing three people in a neighborhood, discussing home financial planning. There are houses, trees, and puzzle pieces representing financial progress, with labels about credit profile improvement, debt resolution, income streaming, closing costs planned, and down payment structured.

The Hidden Value of a Pre-Approval

A good pre-approval isn't just about getting a number.

It's about finding problems before they become problems.

You might discover that:

  • Your credit needs attention

  • Your debt is reducing your buying power

  • Your income needs to be documented differently

  • You need more money for closing costs

  • Your down payment needs to be structured differently

  • A different mortgage product makes more sense

  • You may qualify for more than you expected

It's much better to discover these things before you make an offer.

Illustration of three people under an umbrella with text asking about locking in interest rates. Various icons and percentages related to mortgage rates, income verification, and financial status are displayed, including arrows pointing upward indicating rising rates.

Can You Lock In a Rate?

Depending on the lender and mortgage solution, a pre-approval may allow you to secure or hold a mortgage rate for a period of time while you shop.

That can provide protection if rates increase before you're ready to close.

We'll explain exactly what your rate hold means and what conditions apply

A pre-approval is based on the information available at the time.

Final approval can still depend on:

  • The property you purchase

  • Verification of income and documents

  • Appraisal

  • Down payment verification

  • Changes to your financial situation

  • Lender underwriting

  • Property-specific requirements

That's why we stay involved from pre-approval to closing — not just until you get a number.

Important: A Pre-Approval Isn't a Guarantee

A couple sitting on a couch at home, reviewing financial documents including income stubs, T4 slips, ID, bank statements, and a document checklist, with a folder labeled Down Payment Fund, a piggy bank, and a mug that says 'Home' on a desk nearby.

What Do I Need for a Pre-Approval?

Typically, we'll ask for some combination of:

  • Government-issued ID

  • Employment/income information

  • Recent pay stubs

  • Notice of Assessment

  • T4s

  • Bank/investment statements

  • Down payment documentation

  • Current mortgage statements

  • Details of existing debts

  • Consent for a credit check

Don't have everything ready? That's okay. Start with a conversation. We'll tell you exactly what's needed for your situation.

A woman from ARNA Wealth and a young couple discussing mortgage options in an office. The woman points at a tablet showing a home illustration and financial management icons. In the background, there are mortgage related posters with credit score, income, down payment, certificate of capacity, and mortgage capacity information.

Bank vs. Aarna Wealth

Aarna Wealth

  • Can explore multiple lender options

  • Access to a broader lender network

  • Looks at rate, terms, and overall fit

  • We help guide you through the process

  • Can explore solutions for more complex situations

  • We help compare available options

Traditional Bank

  • Primarily shows you their mortgage products

  • One Institution’s lending criteria

  • May focus heavily on rate

  • You figure our next steps

  • May not specialize in complex income

  • You compare options yourself

Illustration of a young couple sitting on a couch, discussing pre-approval steps for a mortgage. A floating infographic shows five mistakes to avoid before closing on a home: buying a new car, changing jobs, getting new credit cards, using new apps, having undocumented funds, and missing payments.

Getting Pre-Approved? Avoid These 5 Mistakes.

1. Don't Open New Credit Accounts

A new car loan or credit card can affect your borrowing capacity.

2. Don't Make Major Purchases

Large financed purchases can change your debt ratios.

3. Don't Change Jobs Without Speaking to Us

Certain employment changes can affect qualification.

4. Don't Move Your Down Payment Around Unnecessarily

Keep documentation showing where your funds came from.

5. Don't Assume Your Bank Is Giving You the Best Option

A rate isn't the only thing that matters.

Before making a major financial move, ask us first.

Two smiling people sitting on a couch in a cozy living room, looking at a tablet displaying 'FAQ Confidence Found! Ready to Close!' with checkmarks indicating success on various steps including rate hold, income verification, and down payment secured.

Frequently Asked Questions

  • We offer complimentary pre-approval consultations for qualified clients. There is no obligation to proceed.

  • A mortgage pre-approval may involve a credit inquiry. We'll explain the process before proceeding. With that said, we have other options to pre-qualify you without doing a credit check.

  • This varies depending on the lender and the specific pre-approval.

  • No. Final approval is subject to the property, documentation, appraisal and lender underwriting.