A pre-approved mortgage is the first step towards purchasing your new home. The lender will confirm in writing the maximum amount you can borrow in accordance to the proof of income, credit and debts that you provide.

Pre-authorization allows you to:

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  • Establish your borrowing capacity;
  • Obtain a guaranteed rate generally between 30 and 180 days. This allows you to protect yourself from a rate increase during that period;
  • Demonstrate the seriousness of your initiative when dealing with a real estate broker;
  • Avoid wasting time. When the moment will come to ask for a mortgage loan, you will already have the necessary documents on file.


The pre-authorization process does not guarantee the approval of a mortgage. Each loan application will be evaluated according to several criteria, including the state of the property and its market value. If the property you wish to purchase does not meet the criteria, your loan could be denied. Also, should your personal situation change since the pre-authorization, the loan may be refused.