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Aleksey Tsoy Mortgage Agent · Licence #M20001520
(647) 761-1646
Pre-approvals · Toronto & the GTA

Get a mortgage pre-approval that holds up

A pre-approval is only worth having if a lender has actually reviewed your documents. Here is the difference between a real one and the number a website gave you.

  • Underwritten on your real income documents and credit
  • Holds a rate, typically 90 to 120 days
  • A firm cash-to-close figure, not just a maximum price
  • Costs nothing and carries no obligation
  • No credit check until you tell me to proceed
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Aleksey Tsoy · Mortgage Agent (Level 1) · Licence #M20001520

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What happens next
  1. A 10-minute call to confirm your goals and numbers.
  2. I check your file against 30+ lenders and send you the realistic options.
  3. If it makes sense, we apply. If it doesn't, I tell you that too.
Three different things

Pre-qualification, pre-approval, and approval

These get used interchangeably and they are not the same, which matters when you are competing for a house.

  • Pre-qualification — an estimate based on figures you have stated. Nothing verified, no credit pulled, no commitment. Useful for orientation and worth very little in an offer.
  • Pre-approval — a lender has reviewed your actual income documents and your credit, and committed to an amount at a held rate for a set period. This is the one worth having.
  • Approval — the lender has approved you and a specific property, after appraising the home and, for a condo, reviewing the corporation's finances.

The gap between the second and third is where deals die, and it is the thing nobody explains clearly. A pre-approval assesses you, not the house. You can hold a solid pre-approval and still have a lender decline a specific property — because the appraisal came in below the purchase price, because the condo corporation has a litigation problem or an underfunded reserve, or because the property is unusual enough to narrow the lender list.

That is the single most important reason to think hard before waiving a financing condition in a bidding war. More on that in buying a home in Toronto.

What a pre-approval actually gets you

A rate hold

Typically 90 to 120 days. If rates rise while you shop, you keep the held rate; if they fall, a good broker re-prices you down. That protection is free and worth having in place before you start.

A credible number for your offer

Listing agents in Toronto do ask. A pre-approval from a lender carries weight that a printout from a calculator does not, and in a multiple-offer situation it can be the difference between two similar bids.

A firm cash-to-close figure

Not just a maximum purchase price. Down payment plus land transfer tax — both provincial and municipal inside Toronto — plus legal fees plus the PST on mortgage insurance. One number that has to exist in your account.

Problems found early

A credit error, an income document that will not satisfy an underwriter, a gap in your down payment paper trail. All far easier to fix with no closing date looming.

What I need from you

A straightforward salaried file can be pre-approved quickly. Self-employed or variable income takes longer and needs more documentation.

  1. Identification and the basicsGovernment ID, and your current address history.
  2. Income documentationSalaried: recent pay stubs, a letter of employment and usually two years of T4s. Self-employed: two years of T1 Generals with the full statements, Notices of Assessment, and business financials. Commission or variable: two years, as lenders generally average it.
  3. Down payment evidenceAround 90 days of statements for the account holding the funds. Anything transferred in needs a traceable source. Gifted money needs a signed gift letter.
  4. Your consent for a credit checkOne inquiry. Multiple mortgage inquiries in a short window are generally treated as a single event by Canadian bureaus, so shopping around does not compound the effect.
  5. A conversation about comfort, not just capacityThe payment you qualify for and the payment you want to live with are usually different numbers. The second one is the one that matters.
FAQ

Honest answers

How long is a mortgage pre-approval good for in Ontario?
Usually 90 to 120 days, which is also how long the rate is held. It can normally be refreshed if you have not bought by then, though your documents get re-checked and the rate hold resets to current market pricing. Starting a pre-approval early costs nothing and locks in a ceiling on your rate while you shop.
Does a pre-approval guarantee I'll get the mortgage?
No, and this is the most important thing to understand about it. A pre-approval assesses you — your income, credit and down payment. The lender still has to approve the specific property, which means an appraisal and, for a condo, a review of the corporation's finances. If the appraisal falls short of your purchase price or the building has problems, the lender can decline even with a valid pre-approval in hand.
Will a pre-approval hurt my credit score?
One credit inquiry has a small, short-lived effect. Canadian credit bureaus generally treat multiple mortgage inquiries within a short window as a single event, so comparing lenders does not multiply the damage. An initial conversation with me requires no credit check at all.
Can I get pre-approved if I'm self-employed?
Yes, though it takes more documentation and the lender choice matters much more. Lenders differ substantially in how they treat business income — some work from your T1 Generals, others from business bank statements, others will add back certain write-offs. That variation is exactly why a single bank's answer is not the market's answer. See self-employed mortgages.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is an unverified estimate from numbers you have supplied. A pre-approval means a lender has examined your real documents and credit and committed to an amount with a held rate. Some lenders and websites blur the terms deliberately, so the practical test is: has anyone actually looked at my pay stubs and pulled my credit? If not, it is a pre-qualification.
Should I get pre-approved before I start looking at houses?
Yes, for two reasons. You will know your real ceiling and your real cash requirement before you emotionally commit to something outside them, and you will have a held rate protecting you while you shop. It is free, it carries no obligation, and it takes one conversation to begin.

Related

Buying a home in TorontoDown payment, closing costs, and the order to do things in.First-time buyersPrograms and rebates available to you.Down payment rulesThe tiers worked through with examples.Self-employedPre-approval on business income.New to CanadaPre-approval with limited Canadian credit.

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Aleksey Tsoy · Mortgage Agent (Level 1) · Licence #M20001520 · Centum Financial Services LP · Brokerage Licence #13054