How Mortgage Pre-Approval Works in Ontario

How Mortgage Pre-Approval Works

Before you start house hunting, getting pre-approved is your first major milestone. It shows sellers you're serious—and it shows you what you can actually afford.

A mortgage pre-approval involves a lender assessing your income, credit, debt load, and down payment to determine your maximum loan amount. You'll receive a formal letter outlining your pre-approved amount and locked-in interest rate (typically valid for 90–120 days). This gives you a competitive edge in bidding situations and avoids heartbreak later on.

💡 Ridge Pro Tip: Avoid big purchases (like a car or furniture) during this time. It could impact your credit and disqualify your approval.

🔗 Related Articles:

• What Is a Status Certificate?
• Making an Offer on a Home: Timeline and Tips

📩 Not sure where to start? Ridge Estate partners with top-tier mortgage brokers to simplify your path to pre-approval.