Should I get a mortgage pre-approval?

Going through the pre-approval process will help you to determine how much you can afford before taking the final step of getting a mortgage. With pre-approved for a mortgage, a lender provides you with approval for an agreed interest rate and the total amount they are willing to lend you. 

Having a pre-approved mortgage will allow you to put in an offer on a home quickly, which means you can avoid the risk of losing your ideal property to someone else.

Pre-approval also gets the mortgage approval process to move along faster since much of the paperwork is already done. All that remains for a lender to approve your mortgage would be submitting the purchase agreement.

Bear in mind that mortgage pre-approvals have a validity period of 90 to 120 days.

Jul 30 - Comparewise Mortgage Banner

Read other Q&As

Top Mortgage Providers In Canada
Types of Mortgages In Canada
How to Get a Shared Equity Mortgage
Smarter Loans
Source Capital
National Bank Platinum Mastercard
Koho Joint Prepaid Mastercard
Neo Secured Card


Didn’t find an answer to your questions?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!