Gather income, debt and savings records
Ask your lender for its document list and secure upload process.
- Explain variable income, a job change or gifted funds early.
- List existing debts and where your down payment will come from.
More on gather income, debt and savings records
Ask which figures have been verified.
Check what the approval leaves open
A pre-approval is not the final financing decision for a specific home.
- Record its expiry date and outstanding conditions.
- Send the property details to your lender when you find a home.
More on check what the approval leaves open
Confirm financing and get advice before removing a financing condition.
The basics
What a pre-approval actually tells you
A pre-approval is a lender’s early look at your finances. The Government of Canada explains that it shows the most you might borrow, gives an estimated payment, and may hold an interest rate for 60 to 130 days, depending on the lender. The lender reviews what you own, what you earn and what you owe. It will likely pull your credit report too.
What it does not do is approve a specific home. The Government of Canada is clear that pre-approval does not guarantee a mortgage. BC’s real estate regulator adds that the loan can still be refused if your finances change, or if the lender decides the property is not worth the price.
Why it matters
Why it matters before you write an offer
In BC, an offer becomes a binding contract once both sides sign, even with conditions in it. A pre-approval helps you choose a price range you can likely finance. It also shows which documents are still outstanding, so the financing condition period is spent confirming the property, not hunting for pay stubs.
How it works
How to prepare for a strong pre-approval
Pull your credit report first
The Government of Canada recommends ordering your credit report before you shop for a mortgage. Check every account. Ask the credit bureau to fix errors well before you apply.
Collect your income proof
Have identification, recent pay stubs and employer details ready. If you are self-employed, the Government of Canada says lenders ask for your CRA notices of assessment for the past two years.
Show where the cash comes from
Gather statements for savings, investments and any FHSA or RRSP withdrawals. Lenders want to see your down payment and closing cost funds. If family is helping, ask what proof of a gift the lender needs.
List every debt honestly
Include car loans, student loans, credit cards and support payments. A debt found later can shrink the approval at the worst moment.
Get the terms in writing
Ask for the approved amount, rate, rate-hold expiry and every condition. Put the expiry date in your calendar.
Update the lender when you find a home
Send the listing and the accepted offer right away. The lender then reviews the property itself. See appraisals and final approval.
Avoid these
Pre-approval mistakes
Treating it as a guarantee
A pre-approval is a starting point. Keep a financing condition in your offer unless your lawyer or notary and lender have confirmed you can safely go without it.
Letting the rate hold lapse
Rate holds last 60 to 130 days, depending on the lender. If yours expires, the rate and the amount can change. Ask how to extend or renew it.
Changing jobs or buying a car
Lenders approve your situation as it stood on the day you applied. A new job, a probation period or new debt can change the answer.
Moving money around without a trail
Large, unexplained deposits slow approval. Keep statements that show where each transfer came from.
Questions to ask
What to ask when you are pre-approved
Your lender or mortgage broker
- Which of my documents have you verified, and which are still pending?
- How long is the rate held, and can it be extended?
- What conditions remain before final approval?
- Would a strata home, older house or presale change anything?
Your realtor
- Does my price range leave room for closing costs?
- How long a financing condition is reasonable for this kind of home?
- What happens to my deposit if financing fails?
FAQ
Common questions
How long does a mortgage pre-approval last?
The Government of Canada says lenders may hold a pre-approved rate for 60 to 130 days, depending on the lender. Check the exact date on your letter.
Does a pre-approval hurt my credit?
The lender will likely run a credit check. Ask each lender how it checks credit, and avoid applying for other new credit during your search.
Can I be refused after pre-approval?
Yes. BC’s real estate regulator notes a mortgage can still be denied if your finances change or the lender values the home below the price. That is why many buyers keep a financing condition.
Should I use a bank, credit union or mortgage broker?
BC’s real estate regulator explains that mortgage brokers can submit to several lenders, while banks and credit unions offer their own products. Credit unions are provincially regulated; banks are federally regulated.
Does pre-approval include the stress test?
It should. Ask what qualifying rate the lender used so you know how much room your approval really has.
A practical example
Keep one list of outstanding conditions
After your mortgage conversation, ask for a plain-language summary of what is confirmed and what remains to be checked.
- Put expiry dates and required documents beside each item.
- When you find a property, update that list rather than relying on memory.
This gives your representative and financing professional a common picture of the work that must happen before a contractual deadline.
A detail to keep in mind
Do not make an offer decision on the basis of an earlier conversation that did not include the actual property.
Official information
Start with these resources, then confirm the details for your property and circumstances.
Government of Canada: mortgage pre-approvalGovernment of Canada: Preparing to get a mortgageBC Financial Services Authority: Are you ready to purchase?BC Financial Services Authority: Offers to sellersReference review: October 6, 2026